CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 29 Own account dealings and transactions: futures contracts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 29

29. (1) A reference to a person dealing in a futures contract, or entering
into a transaction in relation to a futures contract, on the person's own
account includes a reference to a person so dealing, or entering into such a
transaction, as the case may be, as principal or on behalf of:

   (a)  in any case-an associate of the person;

   (b)  in any case-a body corporate in which the person has a controlling
        interest; or

   (c)  if the person carries on a futures broking business in partnership-a
        body corporate in which the person's interests and the interests of
        the other partners together constitute a controlling interest.

(2) A futures broker who is a member of a futures exchange or of a recognised
futures exchange does not deal in a futures contract, or enter into a
transaction in relation to a futures contract, on the broker's own account
merely because the dealing is with, or the transaction is entered into with,
another futures broker who is a member of a futures exchange or of a
recognised futures exchange.

(3) Despite Division 2, a person is not an associate of another person for the
purposes of subsection (1) merely because the first-mentioned person either or
both of the following:

   (a)  a partner of the other person otherwise than because of carrying on in
        partnership with the other person a business of dealing in futures
        contracts;

   (b)  a director of a body corporate of which the other person is also a
        director, whether or not the body carries on a business of dealing in
        futures contracts.