Commonwealth Numbered Acts

FUTURES INDUSTRY ACT 1986 No. 72 of 1986 - SECT 160

160. (1) The Governor-General may make regulations, not inconsistent with this
Act, prescribing all matters required or permitted by this Act to be
prescribed, or necessary or convenient to be prescribed for carrying out or
giving effect to this Act, and, in particular, matters for or in relation to-

   (a)  the forms to be used for the purposes of this Act;

   (b)  the publication of advertisements offering the services of futures
        brokers or futures advisers or offering to deal in futures contracts
        and the form and content of those advertisements;

   (c)  the form of balance sheets and profit and loss accounts required by
        this Act to be prepared by futures brokers;

   (d)  the furnishing to the Commission of information in addition to, or in
        variation of, the information contained in a prescribed form lodged
        with it;

   (e)  the manner in which, the persons by whom, and the directions in
        accordance with which, the prescribed forms, or any of them, shall or
        may be signed, prepared or completed, and the regulation generally of
        the signing, preparation and completion of those forms or any of them;

   (f)  the times within which information required to be furnished to the
        Commission pursuant to this Act shall be so furnished;

   (g)  the manner in which-

        (i)    orders made under this Act may be served on persons affected by
               the orders; and

        (ii)   documents that are required or permitted by this Act to be
               served on a person may be so served;

   (h)  prohibiting, or regulating the manner and extent of, the offsetting by
        a futures broker of dealings in futures contracts (as between dealings
        on the broker's own account and dealings on behalf of a client or as
        between dealings on behalf of a client and dealings on behalf of
        another client) and, without limiting the generality of the foregoing,
        regulating the manner of, or requiring, the making of margin calls in
        respect of dealings in futures contracts effected by a futures broker;
        and

   (j)  prescribing penalties not exceeding $1,000 for offences against the
        regulations.

(2) The regulations-

   (a)  may prescribe offences against this Act (not being offences the
        penalties applicable to which include a term of imprisonment or a
        pecuniary penalty that exceeds $1,000), or offences against the
        regulations, for the purposes of section 149; and

   (b)  shall, in relation to each offence that is prescribed pursuant to this
        sub-section-

        (i)    prescribe the particulars of that offence that are to be given
               in a notice served on a person under section 149 in relation to
               the offence; and

        (ii)   prescribe the amount of the penalty (being an amount that does
               not exceed half the amount of the penalty applicable to the
               offence) that is payable in respect of the offence pursuant to
               a notice served on a person under section 149 in relation to
               the offence.

(3) In sub-section (2), a reference to a penalty applicable to an offence is a
reference to the penalty that is applicable to that offence by virtue of any
of the provisions of section 148 or 150.

(4) The particulars of an offence required to be prescribed by sub-paragraph
(2) (b) (i) may be prescribed by being set out in the form prescribed for the
purposes of section 149 in relation to the offence.

(5) The regulations may provide that, subject to any prescribed terms and
conditions, the provisions of this Act or any of those provisions-

   (a)  do not have effect in relation to a specified person, or a person
        included in a specified class of persons-

        (i)    who is or may be a futures broker or futures adviser by reason
               only of doing anything that is incidental to another business;

        (ii)   who does not deal in futures contracts on behalf of any other
               person or;

        (iii)  who is a futures broker or futures adviser by reason only of
               entering into a specified transaction or class of transactions;

   (b)  do not have effect in relation to the representative of a person of a
        kind referred to in paragraph (a);

   (c)  do not have effect in relation to a specified person, or a person
        included in a specified class of persons, who provides, or proposes to
        provide, clearing house facilities for a futures market of a futures
        exchange;

   (d)  have effect in relation to a person of a kind referred to in paragraph
        (a), (b) or (c) to such extent only as is prescribed;

   (e)  do not have effect in relation to a specified transaction or class of
        transactions; or

   (f)  do not have effect in relation to a specified transaction or class of
        transactions entered into by a specified person or class of persons,
        and may provide that a breach or failure to comply with any such
        prescribed term or condition is an offence against the regulations.

(6) Except as otherwise expressly provided in this Act, the regulations may be
of general or specially limited application or may differ according to
differences in time, locality, place or circumstance.

(7) Regulations for the purposes of sub-section 25 (12) may be made by
reference to a scale of expenses for witnesses who attend before a court
specified in the regulations, being a federal court or the Supreme Court of a
State or Territory.

(8) The power of the Governor-General to make regulations shall be exercised
only in accordance with advice that is consistent with resolutions of the
Ministerial Council.