Commonwealth Consolidated Legislation

CORPORATIONS LAW- SECT 73

Futures representatives

 
 
(1)
Subject to subsection (2), a person is a
futures representative of another person if, and only if, the first-mentioned
person: 
 
 
 
(a)
is employed
by; or

(b)
acts for or by arrangement with; 



 
the other person in connection with a futures broking business
or futures advice business carried on by the other person.
 

(2)
Except for the purposes of paragraph 87(1)(b): 
 
 
 
(a)
a person who holds a proper
authority from a futures licensee is a futures representative of the licensee;
and

(b)
a person who holds an invalid futures authority from another
person is a futures representative of the other person. 

 
 
(3)
Subject to subsection (4), a person does
an act, or engages in conduct, as a futures representative of another person
if, and only if, the first-mentioned person does the act, or engages in the
conduct: 
 
 
 
(a)
in
connection with a futures broking business or futures advice business carried
on by the other person;

(b)
while the first-mentioned person is a futures representative of
the other person;

(c)
as employee or agent of, or otherwise on behalf of, on account
of, or for the benefit of, the other person; and

(d)
otherwise than in the course of work of a kind ordinarily done by
accountants, clerks or cashiers. 

 
 
(4)
Except for the purposes of Division 4 of
Part 8.3, a person who holds himself, herself or itself out to be a futures
representative of another person does an act as a futures representative of
the other person.