CORPORATIONS ACT 2001 - SECT 72 Futures contract
CORPORATIONS ACT 2001 - SECT 72
Futures contract(1) A futures contract is:
- (a)
- a Chapter 8 agreement that is, or has at any time been, an eligible commodity agreement or adjustment agreement; or
- (b)
- a futures option; or
- (c)
- an eligible exchange-traded option;
- other than:
- (d)
- a Chapter 8 agreement:
- (i)
- that is:
(A) a currency swap; or (B) an interest rate swap; or (C) a forward exchange rate contract; or (D) a forward interest rate contract; and
- (ii)
- to which an Australian bank, or a merchant bank as defined by subsection (4), is a party; or
- (e)
- a Chapter 8 agreement that, when entered into, is in a class of agreements prescribed for the purposes of this paragraph.
- Note: Regulations under subsection 72A(2) may provide that specified provisions of this Act and the regulations apply in relation to Chapter 8 agreements to which section 72A applies as if the agreements were futures contracts.
(2) Where a Chapter 8 agreement that was not a futures contract when it was entered into becomes a futures contract at a later time:
- (a)
- the parties to the Chapter 8 agreement are taken to enter into a futures contract at the later time; and
- (b)
- the Chapter 8 agreement is taken to constitute the futures contract referred to in paragraph (a).
(3) Nothing in this Act limits the manner in which a class of futures contracts may be determined and such a class may be determined according to any criteria relevant to futures contracts. (4) For the purposes of subparagraph (1)(d)(ii), a body corporate is a merchant bank at a particular time if, and only if, it is at that time a registered corporation in:
- (a)
- the category for authorised money market dealers or, if there is at that time no such category, a prescribed category; or
- (b)
- the category for money market corporations or, if there is at that time no such category, a prescribed category.
(5) An expression has the same meaning in subsection (4) as in the Financial Corporations Act 1974 .