Commonwealth Numbered Acts

FUTURES INDUSTRY ACT 1986 No. 72 of 1986 - SECT 6

6. (1) A reference in this Act to a person associated with another person is a
reference to-

   (a)  if the other person is a body corporate-

        (i)    a director or secretary of the body corporate;

        (ii)   a body corporate that is related to that other person; or

        (iii)  a director or secretary of such a related body corporate;

   (b)  a person in concert with whom the other person is acting, or proposes
        to act, in relation to the matter to which the reference relates;

   (c)  a person who carries on a business of dealing in futures contracts in
        partnership with the other person;

   (d)  subject to sub-section (2), a person who is a partner of the other
        person otherwise than by reason that the first-mentioned person
        carries on a business of dealing in futures contracts in partnership
        with the other person;

   (e)  a trustee of a trust in relation to which the other person benefits or
        is capable of benefiting otherwise than by reason of transactions
        entered into in the ordinary course of business in connection with the
        lending of money;

   (f)  a person who is a director of a body corporate that carries on a
        business of dealing in futures contracts and of which the other person
        is also a director;

   (g)  subject to sub-section (2), a person who is a director of a body
        corporate of which the other person is a director, not being a body
        corporate that carries on a business of dealing in futures contracts;

   (h)  a person with whom the other person is, by virtue of the regulations,
        to be regarded as associated in respect of the matter to which the
        reference relates;

   (j)  a person with whom the other person is, or proposes to become,
        associated, whether formally or informally, in any other way in
        respect of the matter to which the reference relates; or

   (k)  if the other person has entered into, or proposes to enter into, a
        transaction, or has done, or proposes to do, any other act or thing,
        with a view to becoming associated with a person as mentioned in any
        of the preceding paragraphs-that last-mentioned person.

(2) Where, in proceedings under this Act, it is alleged that a person referred
to in paragraph (1) (d) or (g) was associated with another person at a
particular time, that person shall be deemed not to have been so associated in
relation to a matter to which the proceedings relate unless the person
alleging the association proves that the first-mentioned person at that time
knew or ought reasonably to have known the material particulars of that
matter.

(3) For the purposes of this Act, where 2 or more persons constitute a
futures broker or futures adviser, a person is associated with the futures
broker or with the futures adviser, as the case may be, if the person is
associated with either or any of those persons.

(4) A person shall not be taken to be associated with another person by virtue
of paragraph (1) (b), (h) or (j) by reason only that one of those persons
furnishes advice to, or acts on behalf of, the other person, in the proper
performance of the functions attaching to the person's professional capacity
or to the person's business relationship with the other person.