Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p118
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 118/212)
Character Range: 311640–314673

jurisdiction".

Subsection 1127 (3):

  Omit "law", substitute "previous law of this jurisdiction".

SCHEDULE 1—continued

Section 1128:

  Repeal the section, substitute:

When a person may provide clearing house facilities

"1128. A person must not provide, or hold out that the person provides, clearing house facilities for a futures market (other than an exempt futures market) unless:

   (a) the futures market is conducted by a futures exchange; and

   (b) the person is a body corporate; and

     (c) an approval of the person under section 1131 as a clearing house for that futures exchange is in force.".

Sections 1129 and 1130:

  Repeal the sections.

Subsection 1131 (2):

Omit "Where a body applies under subsection (1),", substitute "Subject to section 102a, where a body applies under subsection (1) of this section,".

Paragraph 1131 (2) (a):

  Omit the paragraph.

Subsection 1131 (4):

  Omit "law", substitute "previous law of this jurisdiction".

Subsection 1132 (2):

Omit "Where a body applies under subsection (1),", substitute "Subject to section 102a, where a body applies under subsection (1) of this section,".

Paragraphs 1132 (2) (a) and (b):

  Omit the paragraphs.

Subparagraph 1132 (2) (d) (i):

  Omit "corporations" (twice occurring), substitute "persons".

After subparagraph 1132 (2) (d) (iii):

  Insert:

       "(iiia) for the exclusion of a body corporate from membership where a responsible officer of the body corporate would be excluded from membership;".

Subparagraph 1132 (2) (d) (ix):

  Omit the subparagraph.

Subsection 1132 (3):

  Omit "law", substitute "previous law of this jurisdiction".

SCHEDULE 1—continued

Paragraph 1136 (7) (a):

  Before "law" insert "previous".

Paragraphs 1138 (13) (a) and (b):

  Before "law" insert "previous".

Section 1141:

  Repeal the section, substitute:

Gaming and wagering laws not applicable to certain futures contracts

"1141. Nothing in a law of this jurisdiction about gaming or wagering prevents the entering into of, or affects the validity or enforceability of, a futures contract made:

     (a) on a futures market of a futures exchange or of a recognised futures exchange; or

   (b) on an exempt futures market; or

     (c) as permitted by the business rules of a futures association, of a futures exchange or of a recognised futures exchange.".

Section 1142:

  Repeal the section, substitute:

Futures brokers

  "1142. A person must not:

  (a) deal in a futures contract on another person's behalf; or

  (b) hold out that the person carries on a futures broking business;

unless the first-mentioned person holds a futures brokers licence or is an exempt broker.".

Section 1143:

  Repeal the section, substitute:

Futures advisers

  "1143. A person must not:

  (a) carry on a futures advice business; or

  (b) hold out that the person is a futures adviser;

unless the person is a licensee or an exempt futures adviser.".

Subsection 1144 (1):

  Omit "body corporate", substitute "person".

Subsection 1144