CORPORATIONS REGULATIONS (AMENDMENT) 1994 NO. 153

CORPORATIONS REGULATIONS (AMENDMENT) 1994 NO. 153

STATUTORY RULES 1994 No. 153

Issued by the Authority of the Attorney-General

Corporations Act 1989

Corporations Regulations (Amendment)

Section 22 of the Corporations Act 1989 (the Act) empowers the Governor-General to make regulations, not inconsistent with the Act or the Corporations Law, prescribing, inter alia, matters which are required by the Corporations Law to be prescribed by regulations or necessary or convenient to be prescribed by regulations for carrying out or giving effect to the Corporations Law.

In accordance with the Heads of Agreement and the draft Corporations Agreement between Commonwealth, State and Territory Ministers having responsibilities in relation to corporate regulation, the Attorney-General has consulted the relevant State and Territory Ministers about the regulations. Under the terms of the Heads of Agreement the Attorney-General is required to consult with Ministers on legislative proposals relating to matters falling within Chapter 8 of the Corporations Law. The regulations are in this category.

The purposes of the regulations are to include additional foreign futures exchanges in Schedule 11 of the Corporations Regulations.

Details of the regulations are contained in the Attachment.

The regulations commence on the date of gazettal.

ATTACHMENT

Regulation 1

Regulation 1 provides that the regulations amend the Corporations (Regulations).

Regulation 2

Schedule 11 of the Corporations Regulations sets out a list of overseas futures exchanges for the purpose of paragraph (b) of the definition of 'recognised futures exchange' in sec 9 of the Corporations Law (the Law). Under section 1258 of the Law futures brokers may only trade on foreign futures exchanges on behalf of other persons when such exchanges are listed in Schedule 11 of the Corporations Regulations.

Regulation 2 will abridge the tide of the Schedule, correct the spelling of the Deutsche Terminborse and include its English translation, and include a further 8 specified foreign futures exchanges in the appropriate alphabetical position in the Schedule.