Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 1267

1267. (1) A person who is an eligible futures broker or an eligible futures
adviser and an employee of that person shall not, as principals, jointly deal
in, or agree to deal in, futures contracts.

(2) An eligible futures broker who is a partner in a partnership that carries
on a business of dealing in futures contracts and an employee of the
partnership shall not, as principals, jointly deal in, or agree to deal in,
futures contracts.

(3) An eligible futures adviser who is a partner in a partnership that carries
on a futures advice business and an employee of the partnership shall not, as
principals, jointly deal in, or agree to deal in, futures contracts.

(4) A person who is an eligible futures broker or an eligible futures adviser
shall not give credit to an employee of that person or to a person who, to the
knowledge of the first-mentioned person, is associated with such an employee
if: (a) the credit is given for the purpose of enabling or assisting the
person to whom the credit is given to deal in futures contracts; or

   (b)  the person giving the credit knows or has reason to believe that the
        credit will be used for the purpose of dealing in futures contracts.

(5) An eligible futures broker who is a partner in a partnership that carries
on a business of dealing in futures contracts shall not give credit to an
employee of the partnership or to a person who, to the knowledge of the
first-mentioned person, is associated with such an employee if:

   (a)  the credit is given for the purpose of enabling or assisting the
        person to whom the credit is given to deal in futures contracts; or

   (b)  the person giving the credit knows or has reason to believe that the
        credit will be used for the purpose of dealing in futures contracts.

(6) An eligible futures adviser who is a partner in a partnership that carries
on a futures advice business shall not give credit to an employee of the
partnership or to a person who, to the knowledge of the first-mentioned
person, is associated with such an employee if:

   (a)  the credit is given for the purpose of enabling or assisting the
        person to whom the credit is given to deal in futures contracts; or

   (b)  the person giving the credit knows or has reason to believe that the
        credit will be used for the purpose of dealing in futures contracts.

(7) A person who is an employee of a member organisation of a futures exchange
in connection with a business of dealing in futures contracts carried on by
the member organisation shall not, as principal, deal, or agree to deal, in
futures contracts unless the member organisation acts as the agent of the
person in respect of the transaction.

(8) A reference in subsection (1) or (4) to an employee of a person who is an
eligible futures broker or an eligible futures adviser includes, in the case
of a body corporate that is an eligible futures broker or an eligible futures
adviser, a reference to an officer of the body corporate.

(9) The reference in subsection (7) to an employee of a member organisation of
a futures exchange includes:

   (a)  in the case of a member organisation that is a body corporate; and

   (b)  in the case of a member organisation that is a partnership in which a
        partner is a body corporate; a reference to an officer of the body
        corporate.

(10) A reference in this section to an employee of an eligible futures broker,
an eligible futures adviser, a partnership or a member organisation of a
futures exchange includes a reference to a person who, pursuant to a
subsisting agreement, performs services for the eligible futures broker,
eligible futures adviser, partnership or member organisation in connection
with dealings in futures contracts by the eligible futures broker, eligible
futures adviser, partnership or member organisation.