Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 71

Futures advice business

 
 
(1)
A reference to a futures advice business, in
relation to a person, is a reference to: 
 
 
 
(a)
a business of advising other persons about futures
contracts; or

(b)
a business in the course of which the person publishes futures
reports. 

 
 
(3)
The remaining provisions of this
subsection apply for the purposes of determining: 
 
 
 
(a)
whether or not a person carries on a futures
advice business; and

(b)
what constitutes a futures advice business carried on by a
person; and

(c)
whether or not a person holds himself, herself or itself out to
be a futures adviser. 

 
 
(4)
If the person is a solicitor or
accountant in public practice as such, an act that the person does shall be
disregarded if it is merely incidental to the practice of his or her
profession.


(5)
The fact that the person advises other persons about futures
contracts, or publishes futures reports, in some or all of the following
circumstances shall be disregarded: 
 
 
 
(a)
in a newspaper or periodical: 

 
 
(i)
of
which the person is the proprietor or publisher; and

(ii)
that is generally available to the public otherwise than only on
subscription; 

 
 
(b)
in the course
of, or by means of, transmissions that: 

 
 
(i)
the
person makes by means of an information service; or

(ii)
are made by means of an information service that the person
owns, operates or makes available; 

 

and are generally available to the public;

(c)
in sound recordings, video recordings, or data recordings, that
the person makes generally available to the public in either or both of the
following ways: 

 
 
(i)
by
supplying copies of them to the public;

(ii)
by causing the sound recordings to be heard by, the video
recordings to be seen and heard by, or the contents of the data recordings to
be displayed or reproduced for, the public, as the case may be. 

 
 
(6)
Subsection (5) does not apply in
relation to a newspaper or periodical, or transmissions, sound recordings,
video recordings or data recordings, whose sole or principal purpose is to
advise other persons about futures contracts or to publish futures
reports.


(7)
The fact that the person holds himself, herself or itself out as
advising other persons, or publishing futures reports, as mentioned in
subsection (5) shall be disregarded.


(8)
An act that the person does: 
 
 
 
(a)
while employed by, or acting for or by arrangement with,
another person;

(b)
as employee or agent of, or otherwise on behalf of, on account
of, or for the benefit of, the other person; and

(c)
in connection with a futures advice business carried on by the
other person; 

 
shall be disregarded.