Commonwealth Numbered Regulations

1987 No. 111 FUTURES INDUSTRY REGULATIONS (AMENDMENT) - REG 1

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;

   (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.".