Commonwealth Numbered Acts

FUTURES INDUSTRY ACT 1986 No. 72 of 1986 - SECT 8

8. (1) For the purposes of this Act-

   (a)  a reference to a person dealing in a futures contract, or entering
        into a transaction, on the person's own account includes a reference
        to a person dealing in a futures contract, or entering into a
        transaction-

        (i)    on behalf of a person associated with the first-mentioned
               person;

        (ii)   on behalf of a body corporate in which the person has a
               controlling interest; or

        (iii)  where the person carries on business as a futures broker in
               partnership-on behalf of a body corporate in which the person's
               interest and the interests of the other partners together
               constitute a controlling interest; and

   (b)  a futures broker who is a member of a futures exchange or of a
        recognised futures exchange shall not be taken to be dealing in a
        futures contract, or entering into a transaction, on the broker's own
        account by reason only that the dealing is with, or the transaction is
        entered into with, another futures broker who is a member of a
        futures exchange or of a recognised futures exchange.

(2) Notwithstanding section 6, a person is not associated with another person
for the purposes of sub-section (1) by reason only that the first-mentioned
person is-

   (a)  a partner of the other person otherwise than because the
        first-mentioned person carries on a business of dealing in
        futures contracts in partnership with the other person; or

   (b)  a director of a body corporate of which the other person is also a
        director, whether or not the body corporate carries on a business of
        dealing in futures contracts.