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CORPORATIONS ACT 2001 - SECT 72

Futures contract

(1) A futures contract is:

(a)
a Chapter 8 agreement that is, or has at any time been, an eligible commodity agreement or adjustment agreement; or

(b)
a futures option; or

(c)
an eligible exchange-traded option;

other than:

(d)
a Chapter 8 agreement:

(i)
that is:

(A) a currency swap; or (B) an interest rate swap; or (C) a forward exchange rate contract; or (D) a forward interest rate contract; and

(ii)
to which an Australian bank, or a merchant bank as defined by subsection (4), is a party; or
(e)
a Chapter 8 agreement that, when entered into, is in a class of agreements prescribed for the purposes of this paragraph.

Note: Regulations under subsection 72A(2) may provide that specified provisions of this Act and the regulations apply in relation to Chapter 8 agreements to which section 72A applies as if the agreements were futures contracts.

(2) Where a Chapter 8 agreement that was not a futures contract when it was entered into becomes a futures contract at a later time:

(a)
the parties to the Chapter 8 agreement are taken to enter into a futures contract at the later time; and

(b)
the Chapter 8 agreement is taken to constitute the futures contract referred to in paragraph (a).

(3) Nothing in this Act limits the manner in which a class of futures contracts may be determined and such a class may be determined according to any criteria relevant to futures contracts. (4) For the purposes of subparagraph (1)(d)(ii), a body corporate is a merchant bank at a particular time if, and only if, it is at that time a registered corporation in:

(a)
the category for authorised money market dealers or, if there is at that time no such category, a prescribed category; or

(b)
the category for money market corporations or, if there is at that time no such category, a prescribed category.

(5) An expression has the same meaning in subsection (4) as in the Financial Corporations Act 1974 .



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