Section 52 — AKTA DAGANGAN KOMODITI 1985

(a)

cause to be kept such accounting and other records as will sufficiently explain the transactions and reflect the financial position of the business of trading in commodity futures contracts carried on by him and will enable true and fair profit and loss accounts and balance sheets to be prepared from time to time; and

(b)

cause those records to be kept in such a manner as will enable them to be conveniently and properly audited.

ry in any register be certified by e as evidence in his Act or other-section and all is for registration ing such hours as of any prescribed of the public.

to be published e thinks fit, the persons.

published under ast once in each me amends any by adding or rehall cause partiublished in the ating and other plain the transposition of the modity futures and will enable accounts and from time to terwise requires account a dealer futures contracts such a manner nveniently and

(2)

Without prejudice to the generality of subsection (1), a dealer shall cause records to be kept—

(a)

in sufficient detail to show particulars of—

(i)

all amounts received and paid by the dealer, including amounts paid to and disbursed from a segregated account;

(ii)

all purchases and sales of futures contracts made by the dealer, and the charges and credits arising from them; and

(b)

in sufficient detail to show separately particulars of all transactions by the dealer with, or for the account of—

(i)

the clients of the dealer; and

(ii)

the dealer himself.

(3)

A dealer shall retain—

(a)

for a period of not less than five years, the records kept in accordance with this section; and

(b)

for a period of not less than two years—

(i)

a copy of each futures contract made out by him as agent of a client; and

(ii)

each futures contract received by him or made out to himself as principal.

(4)

Records required to be kept by a dealer by this section shall be kept either by making entries in a bound book or by recording or storing the relevant matters in any other manner as may be approved by the Commissioner, and anything so entered, recorded or stored shall be deemed to have been effected by, or with the authority of, the dealer.

(5)

The dealer shall take reasonable precautions for guarding against falsification and damage or loss and for facilitating discovery of any falsifications.

(6)

Any dealer who, without reasonable excuse, contravenes this section commits an offence and is liable on conviction to a fine not exceeding five thousand ringgit or to imprisonment for a term not exceeding six months or to both.

(7)

If, in any records kept in accordance with this section a person wilfully—

(a)

enters, records or stores, or causes to be entered, recorded or stored, in any manner whatsoever any matter that he knows to be false or misleading in a material particular;

(b)

destroys, removes or falsifies, or causes to be destroyed, removed or falsified, in any manner whatsoever any matter that is entered, recorded or stored; or

(c)

fails to enter, record or store any matter with intent to falsify the records or any part of the records intended to be compiled from that matter, he commits an offence and is liable on conviction to a fine not exceeding ten thousand ringgit or to imprisonment for a term not exceeding one year or to both.