(1) A reference, in relation to a person (in this subsection called the representative ), to a proper authority from a futures licensee (in this subsection called the principal ) is a reference to a copy of the licence on which have been endorsed:

(a)

a statement:

(i)

certifying the copy to be a true copy of the licence; and

(ii)

stating that the representative is employed by, or acts for or by arrangement with, the principal; and

(iii)

signed by the principal; and

(b)

in relation to each futures licensee (if any), other than the principal, of whom the representative is a futures representative, a statement that:

(i)

sets out the name of the licensee; and

(ii)

states that the representative is employed by, or acts for or by arrangement with, the licensee; and

(iii)

states that the licensee consents to the representative being employed by, or acting for or by arrangement with, the principal; and

(iv)

is signed by the licensee.

(2) A reference, in relation to a person (in this subsection called the representative ), to an invalid futures authority from a person (in this subsection called the principal ) is a reference to a document:

(a)

on which is endorsed a statement:

(i)

stating that the representative is employed by, or acts for or by arrangement with, the principal; and

(ii)

signed by the principal; and

(b)

that purports to be a copy of a futures licence and to be a proper authority of the representative from the principal, but is not in fact such a proper authority;