(1) In this Part, excluded person , in relation to a member of a participating exchange, means:

(a)

in any case—the member; or

(b)

if the member is a member organisation of the participating exchange and is not a body corporate:

(i)

a person who is the spouse, or who is a relative, of the member; or

(ii)

a trustee of a trust in relation to which the member or a person of a kind referred to in subparagraph (i) is capable of benefiting; or

(iii)

a body corporate of which the member is an officer, or in which the member or a person of a kind referred to in subparagraph (i) has, or the member and such a person, the member and 2 or more such persons, or 2 or more such persons, together have, a controlling interest; or

(c)

if the member is a member organisation of the participating exchange and is a body corporate:

(i)

a person who is an officer of the body corporate; or

(ii)

a body corporate that is related to the first-mentioned body corporate; or

(iii)

a person who is the spouse, or who is a relative, of a person of a kind referred to in subparagraph (i); or

(iv)

a trustee of a trust in relation to which a person of a kind referred to in subparagraph (i) or (iii) is capable of benefiting; or

(v)

a body corporate in which a person of a kind referred to in subparagraph (i) or (iii) has, or 2 or more such persons together have, a controlling interest; or

(d)

if the member is a partner in a member organisation of the participating exchange and is not a body corporate:

(i)

a person who is a partner in the member organisation; or

(ii)

a person who is the spouse, or who is a relative, of a partner (not being a body corporate) in the member organisation; or

(iii)

a trustee of a trust in relation to which a person of a kind referred to in subparagraph (i) or (ii) is capable of benefiting; or

(iv)

a person who is an officer of a body corporate that is a partner in the member organisation; or

(v)

a body corporate of which a person of a kind referred to in subparagraph (i), (ii) or (iii) is an officer, or in which such a person has, or 2 or more such persons together have, a controlling interest; or

(e)

if the member is a partner in a member organisation of the participating exchange and is a body corporate:

(i)

a person who is an officer of a body corporate that is a partner in the member organisation; or

(ii)

a body corporate that is related to the first-mentioned body corporate; or

(iii)

a person who is a partner in the member organisation; or

(iv)

a person who is the spouse, or who is a relative, of a person (other than a body corporate) of a kind referred to in subparagraph (i) or (iii); or

(v)

a trustee of a trust in relation to which a person of a kind referred to in subparagraph (i), (iii) or (iv) is capable of benefiting; or

(vi)

a body corporate in which a person of a kind referred to in subparagraph (i), (iii) or (iv) has, or 2 or more such persons together have, a controlling interest.

(2) A reference in subsection (1) to a relative of a person includes a reference to a relative of the spouse (if any) of the person. (3) A reference in subsection (1) to an officer of a body corporate is a reference to:

(a)

a director, secretary or executive officer of the body corporate; or

(b)

a person who is an officer of the body corporate by virtue of paragraph (b), (c), (d) or (e) of the definition of officer in section 9.