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CORPORATIONS ACT 2001 - SECT 67
Exempt brokers and exempt futures advisers
(1) A body corporate is both an exempt broker and an exempt futures adviser if
- a prescribed body corporate; or
- an exempt public authority in relation to which a declaration is in force
under subsection (2).
(2) The Minister may by writing declare that paragraph (1)(b) applies in
relation to specified bodies corporate.
(3) ASIC must cause a copy of an instrument executed under subsection (2)
to be published in the Gazette .
(4) Subject to this section, a person is an exempt broker or an exempt futures
adviser if the person is a futures broker or futures adviser, as the case may
be, but does not carry on a futures broking business or a futures advice
business, as the case may be, except:
- as an official receiver or trustee
within the meaning of the Bankruptcy Act 1966 ; or
- as a receiver, receiver and manager, or liquidator, appointed by a court;
- as a person appointed by a court to carry on the business concerned; or
- as a receiver, receiver and manager, or liquidator, appointed otherwise
than by a court; or
- as an administrator of a body corporate; or
- as an administrator of a deed of company arrangement executed by a body
- as a trustee or other person administering a compromise or arrangement
between a body corporate and any other person or persons; or
- as a personal representative of a dead futures broker or futures adviser,
as the case may be; or
- in such other capacity, or in such other circumstances, as are prescribed.
(5) A person who carries on a futures broking business or futures advice
business in a capacity referred to in any of paragraphs (4)(d) to (g)
(inclusive) is taken for the purposes of subsection (4) to carry on the
business otherwise than in that capacity unless there is in force under
subsection (6) an approval of the person carrying on the business in that
(6) ASIC may, on application by a person and after having regard to:
prescribed matters (if any); and
- such matters as it thinks appropriate;
by writing approve of the person carrying on a specified futures broking
business or futures advice business in a specified capacity, being a capacity
referred to in any of paragraphs (4)(d) to (g), inclusive.
(7) A person is not an exempt broker or an exempt futures adviser except as
provided by this section.
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