Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p137
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 382649–385699

Reporting entities should note that in relation to activities they undertake to comply with the AML/CTF Act, they will have obligations under the Privacy Act 1988, including the requirement to comply with the Australian Privacy Principles, even if they would otherwise be exempt from the Privacy Act. For further information about these obligations, please go to http://www.oaic.gov.au or call 1300 363 992.
CHAPTER 49 International Uniform Give-Up Agreements

    49.1 These Anti-Money Laundering and Counter-Terrorism Financing Rules (Rules) are made under section 229 for subsection 39(4) of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).

    49.2 Division 4 of Part 2 of the AML/CTF Act does not apply to a designated service that:

         (1) is of a kind described in item 33 of table 1 in subsection 6(2) of the AML/CTF Act; and

         (2) is provided by the reporting entity to a customer in the circumstances specified in paragraph 49.3.

    49.3  The specified circumstances for the purposes of paragraph 49.2 are that the reporting entity:

         (1)  provides the designated service to the customer pursuant to the terms and conditions of an International Uniform Give-Up Agreement;

         (2)  is admitted as a Participant under the Operating Rules of a Licensed Market;

         (3)  does not receive, hold or transfer money or property of the customer (other than applicable fees to the reporting entity) in connection with the provision of the designated service; and

         (4)  the person to whom the reporting entity refers a transaction or transactions for clearing under the International Uniform Give-Up Agreement is:

              (a)  admitted as a Participant under the Operating Rules of a Licensed CS facility; or

              (b)  regulated by anti-money laundering and counter-terrorism financing laws in, or comparable to, those in Australia.

    49.4  In this Chapter:

              (1) 'Participant' has the same meaning as in section 761A of the Corporations Act 2001;

              (2) 'Licensed Market' has the same meaning as in section 761A of the Corporations Act 2001;

              (3) 'Licensed CS facility' has the same meaning as in section 761A of the Corporations Act 2001;

              (4) 'International Uniform Give-Up Agreement' means a contract based on the terms and conditions in the template agreement developed by the US Futures Industry Association (FIA), the Futures and Options Association (FOA) and the London International Financial Futures and Options Exchange (LIFFE) pursuant to which a person (the customer) instructs the reporting entity to execute an order or orders, but settlement or clearance of which is or are conducted by another entity to whom the reporting entity 'gives up' or otherwise refers the order or orders.

Reporting entities should note that in relation to activities they undertake to comply with the AML/CTF Act, they will have obligations under the Privacy Act 1988, including the