Commonwealth Numbered Regulations - Explanatory Statements

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Statutory Rules 2000 No. 30

Issued by the authority of the Minister for Financial Services and Regulation

Corporations Act 1989

Corporations Amendment Regulations 2000 (No. 2)

Section 22 of the Corporations Act 1989 (the Act) empowers the Governor General to make regulations, not inconsistent with the Act or the Corporations Law (the Law), prescribing matters required or permitted by the Law to be prescribed by regulations, or necessary or convenient to be prescribed by regulations for carrying out of giving effect to the Corporations Law.

Section 1258 of the Law limits the way in which a futures broker can deal in futures contracts on behalf of another person. Dealing on behalf of another person on a 'recognised futures exchange' is permitted by section 1258. The term 'recognised futures exchange' is defined in section 9 of the Law to mean a body corporate that conducts a futures market outside Australia and is prescribed for the purposes of this definition. By virtue of Corporations Regulation 8.2.02, the bodies corporate specified in Schedule 11 of the Corporations Regulations are prescribed for this purpose.

The Regulations amend Schedule 11 of the Corporations Regulations by including two additional foreign exchanges and update the references to two foreign futures exchanges to reflect name changes. The Regulations also correct an error in an exchange name. The two additional foreign exchanges to be prescribed are:

*       the 'Helsinki Securities and Derivatives Exchange, Clearing House Limited (HEX)'; and

*       the 'Cantor Financial Futures Exchanges (CFFE)'.

The Regulations commence on gazettal.

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