Futures Industry Regulations (Amendment) (Cth)

Statutory Rules 1987 No. 1111

Futures Industry Regulations2 (Amendment)

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, being advice that, as required by subsection 160 (8) of the Futures Industry Act 1986,is consistent with resolutions of the Ministerial Council for Companies and Securities, hereby make the following Regulation under that Act.

Dated 5 June 1987.

N. M. STEPHEN

Governor-General

By His Excellency’s Command,

Lionel Bowen

Attorney-General

 

After regulation 36 of the Futures Industry Regulations the following regulations are inserted:

Exemption of ITCH contracts from the provisions of the Act

“37. The provisions of the Act do not have effect in relation to a transaction that is a dealing in a futures contract that is a forward short term interest rate transferable cash hedge contract known as an ITCH contract entered into by Harlow-Butler (Australia) Proprietary Limited on behalf of:

(a) a body corporate that is a registered corporation within the meaning of the Financial Corporations Act 1974,being a corporation that is listed, in the list in force on the day on which this regulation comes into operation prepared for the purposes of subsection 10 (1) of that Act:

(i) in category A as a building society;

(ii) in category C as an authorised money market dealer;

(iii) in category F as a finance company; or

(iv) in category G as a general financier;

 

(S.R. 92/87)—Cat. No.  16/1.5.1987

 

(b) a person who has authority under the Insurance Act 1973 to carry on insurance business; or

(c) a company registered by the Life Insurance Commissioner under section 19 of the Life Insurance Act 1945.

Exemptions from the provisions of Part IV of the Act

“38. (1) In subregulation (2), ‘prescribed trustee corporation’ means a body corporate that is an authorised trustee corporation within the meaning of the Companies Act 1981,and referred to in regulation 14 of the Companies Regulations, to which the Commission has granted under subsection 167 (1) of that Act approval to act as trustee or representative for the purposes of a deed.

“(2) The provisions of Part IV of the Act do not have effect in relation to:

(a) a transaction that is a dealing in a futures contract entered into by a prescribed trustee corporation acting as trustee or representative for the purposes of a deed approved by the Commission under subsection 166 (1) of the Companies Act 1981,being a dealing executed on behalf of that prescribed trustee corporation by the holder of a futures broker’s licence;

(b) a transaction that is a dealing in a futures contract entered into by a body corporate on behalf of another body corporate that, in relation to the body corporate first mentioned in this paragraph, is a related corporation within the meaning of the Companies Act 1981; or

(c) a transaction that is a dealing in a futures contract entered into by a member of a futures exchange, who under the business rules of that futures exchange is a local member, pursuant to order execution business performed in accordance with those rules on a give-up basis on behalf of a member of that futures exchange who is under those rules a floor member.”.

 

NOTES

1. Notified in the Commonwealth of Australia Gazette on 15 June 1987.

2. Statutory Rules 1986 No. 150.

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