Commonwealth Numbered Regulations - Explanatory Statements

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CORPORATIONS AMENDMENT REGULATIONS 2001 (NO. 1) 2001 NO. 187

Statutory Rules 2001 No. 187

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

Corporations Act 1989

Corporations Amendment Regulations 2001 (No. 1)

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 an additional foreign futures exchange and update the reference to an already recognised foreign futures exchange to reflect a name change in light of its merger with another exchange.. The additional foreign futures exchange to be prescribed is Korea Futures Exchange ("KOFEX").

The Regulations commence on gazettal.