Commonwealth Numbered Acts

FUTURES INDUSTRY ACT 1986 No. 72 of 1986 - SECT 11

11. (1) For the purposes of this Act, a person, being the holder of a
futures broker's licence, or of a futures adviser's licence, under a
corresponding law of a participating State or participating Territory, is not,
after the proclaimed day, a recognised licensee unless-

   (a)  in the case of a natural person, not being a partner in a firm dealing
        in futures contracts-the person is ordinarily resident in that State
        or Territory;

   (b)  in the case of a natural person who is a partner in such a firm-the
        principal place of business of the firm is in that State or Territory;
        or

   (c)  in the case of a body corporate-the body corporate was incorporated in
        that State or Territory.

(2) For the purposes of this Act, a person, being the holder of a
representative's licence under a corresponding law of a participating State or
participating Territory, is not, after the proclaimed day, a recognised
licensee unless the futures broker or futures adviser by whom the person is
employed, or for or by arrangement with whom the person acts, holds a licence
as a futures broker or futures adviser, as the case may be, under that law.

(3) A reference in sub-section (1) or (2) to the proclaimed day is a reference
to a day to be fixed for the purposes of this sub-section by Proclamation made
by the Governor-General and published in the Gazette.