Queensland Consolidated Acts

STATUTORY BODIES FINANCIAL ARRANGEMENTS ACT 1982 - SECT 55

55 Requirement to report to Treasurer about derivatives

(1) For each derivative transaction entered into under this division by a statutory body, the body must give the Treasurer a report about the transaction at the times prescribed under a regulation.

(2) Each report must contain the following—

(a) details sufficient to identify the derivative transaction;

(b) a statement about the underlying exposure against which the statutory body is trying to hedge;

(c) the stated purpose of the derivative transaction, including details of the Treasurer’s approval under which the transaction was entered into and verification of compliance with the conditions of the approval;

(d) details of any realised or unrealised gains or losses from the derivative transaction.

(3) However, if a statutory body satisfies the Treasurer that, because of the number of derivative transactions entered into by the body, it is an undue burden on it to prepare a report under subsection (2) for each transaction, the report for subsection (1) may be a statement summarising the matters mentioned in subsection (2) for all of the body’s derivative transactions.