Futures Industry Regulations (Amendment) (Cth)

Statutory Rules 1988 No. 3411

 

Futures Industry Regulations2 (Amendment)

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Futures Industry Act 1986.

Dated 15 December 1988.

N. M. STEPHEN

Governor-General

By His Excellency’s Command,

Lionel Bowen

Attorney-General

 

Commencement

1. These Regulations commence on 1 February 1989.

Exemptions from the provisions of Part IV of the Act

2. Regulation 38 of the Futures Industry Regulations is amended:

(a) by omitting from paragraph (2) (b) “or”;

(b) by adding at the end of subregulation (2) the following paragraphs:

“; (d) a transaction that is a dealing in a futures contract:

(i) entered into by a management company within the meaning of Division 6 of Part IV of the Companies Act 1981 that holds a dealers licence granted under Part IV of the Securities Industry Act 1980 and that enters into the contract:

(a) under the covenants contained in a deed approved under that Division; and

(b) only on behalf of the holders of prescribed interests under that deed;

(ii) executed on behalf of the company by the holder of a futures broker’s licence; and

 

(S.R. 352/88) Cat. No. 16/22.11.1988

(iii) the value of which, when added to the total value of any other futures contracts in which the company is dealing at that time on behalf of the holders of those prescribed interests, does not exceed 15% of the total value of assets held by the trustee or representative under that deed; or

(e) a transaction that is a dealing in a futures contract:

(i) entered into by the trustee of a fund:

(a) that is an approved deposit fund within the meaning of the Occupational Superannuation Standards Act 1987; or

(b) that is a superannuation fund within the meaning of that Act;

(ii) entered into by the trustee:

(a) under the covenants contained in the deed relating to that fund; and

(b) only on behalf of the persons who are depositors in relation to that fund;

(iii) executed on behalf of the trustee by the holder of a futures broker’s licence; and

(iv) the value of which, when added to the total value of any other futures contracts in which the trustee is dealing at that time on behalf of those depositors, does not exceed 15% of the total value of assets held by the trustee under that deed.”.

Schedule 1

3. Schedule 1 to the Futures Industry Regulations is amended:

(a) by omitting:

“The Baltic International Freight Futures Exchange Ltd.”

and substituting:

“The Baltic Futures Exchange”;

(b) by omitting:

“GAFTA Soya Bean Meal Futures Association Ltd.”;

(c) by omitting:

“The London Commodity Exchange Co. Ltd.”

and substituting:

“London Futures and Options Exchange”;

(d) by omitting:

“London Meat Futures Exchange

The London Potato Futures Association Ltd.”;

(e) by omitting:

“Maebashi Dry Cocoon Exchange”

and substituting:

“Maebashi Dry Cocoon Exchange

Marché à Terme D’Instruments Financiers (The Paris Financial Futures Exchange)”.

 

NOTES

1. Notified in the Commonwealth of Australia Gazette on 21 December 1988.

2. Statutory Rules 1986 No. 150 as amended by 1987 No. 111.

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