Commonwealth Numbered Acts

FUTURES INDUSTRY ACT 1986 No. 72 of 1986 - SECT 7

7. (1) Subject to sub-section (2), a person shall be taken, for the purposes
of this Act, to deal in a futures contract if, and only if, the person-

   (a)  acquires, or disposes of, the futures contract;

   (b)  offers to acquire, or to dispose of, the futures contract; or

   (c)  induces, or attempts to induce, another person to acquire, or to
        dispose of, the futures contract.

(2) A person shall be taken, for the purposes of this Act, to deal in a
futures contract on behalf of another person if, and only if, the
first-mentioned person acquires, or disposes of, the futures contract on
behalf of the other person, or offers so to acquire, or so to dispose of, the
futures contract.

(3) In determining for the purposes of this Act whether a person who is not a
resident of Australia or of an external Territory deals in a futures contract
on behalf of another person, regard shall not be had to an act done
on behalf of the first-mentioned person by the holder of a futures broker's
licence, by an exempt broker or by a recognised futures broker.