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CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 25 Dealing in futures contracts: general

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 25

Dealing in futures contracts: general
25. (1) Subject to sections 26 and 27, a person deals in a futures 35 contract
if, and only if, the person:

   (a)  acquires, or disposes of, the futures contract;

   (b)  offers to acquire, or to dispose of, the futures contract; or

   (c)  induces, or attempts to induce, another person to acquire, or to
        dispose of, the futures contract.

(2) Subject to sections 26 and 27, a person deals in a futures contract on
another person's behalf if, and only if, the first-mentioned person acquires,
or disposes of, the futures contract on the other person's behalf, or offers
so to acquire, or so to dispose of, the futures contract.

(3) In determining whether or not a person who is not a resident of Australia
or of an external Territory deals in a futures contract on another persons
behalf, an act that the holder of a futures brokers licence or an exempt
broker does on the first-mentioned person's behalf shall be disregarded.

(4) Subsection (5) has effect for the purposes of determining:

   (a)  whether or not a person deals in a futures contract on another
        person's behalf;

   (b)  whether or not a person carries on, or holds himself, herself or
        itself out as carrying on, a futures broking business or eligible
        futures broking business; and

   (c)  what constitutes such a business carried on by a person.

(5) An act that the person does:

   (a)  while employed by, or acting for or by arrangement with, a futures
        broker;

   (b)  as employee or agent of, or otherwise on behalf of, on account of, or
        for the benefit of, the broker; and

   (c)  in connection with a business of dealing in futures contracts that the
        broker carries on; shall be disregarded.

(6) Subsections (3), (4) and (5) do not have effect for the purposes of
sections 26, 27, 28, 1126 and 1132.