Commonwealth Numbered Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

CORPORATIONS ACT 2001 No. 50, 2001 - SECT 1139

Futures exchanges and others to assist ASIC

(1) A futures exchange, a clearing house for a futures exchange, and a futures association, must each provide such assistance to ASIC, or to a person acting on behalf of, or with the authority of, ASIC, as ASIC reasonably requires for the performance of its functions under this Chapter. (2) Where:

(a)
a body corporate, being a futures exchange, a clearing house for a futures exchange, or a futures association, decides to reprimand, fine, suspend, expel or otherwise take disciplinary action against, a member of the body corporate; and

(b)
subsection 1135(1) does not require the body corporate to give to ASIC a notice relating to the decision;

the body corporate must, within 14 days after so deciding, give to ASIC a notice in writing setting out particulars of the name of the member, the decision, the reasons for the decision and, in the case of a decision to fine a member, the amount of the fine.

(2A) A futures exchange, a clearing house for a futures exchange or a futures association that believes that a person has committed, is committing or is about to commit a serious contravention of its business rules, or this Act, must, as soon as practicable, lodge a statement setting out:

(a)
particulars of the contravention that it believes the person has committed, is committing or is about to commit; and

(b)
its reasons for that belief.

(3) Where a clearing house for a futures exchange:

(a)
refuses to register a dealing in a futures contract; or

(b)
closes out a futures contract because of a failure to meet a call for deposit or margin;

it must forthwith give ASIC particulars of its action.

(4) A person authorised by ASIC is entitled at all reasonable times to full and free access for any of the purposes of this Act to the trading floor of a futures market of a futures exchange. (5) A person who refuses or fails, without lawful excuse, to allow a person authorised by ASIC access in accordance with subsection (4) to the trading floor of a futures market of a futures exchange contravenes this subsection.


AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback