Victorian Consolidated Legislation

SECURITIES INDUSTRY ACT 1975

No. 8788 of 1975
Version incorporating amendments as at 1 February 2008

TABLE OF PROVISIONS

           Section Page

   PART I-PRELIMINARY

   1.      Short title and commencement
   2.      Division into Parts
   3.      Repeals and savings
   4.      Definitions
   5.      Interests in securities
   6.      Associated persons

   PART II-ADMINISTRATION

           Division 1-General

   7.      Performance of Commissioner's functions etc. by authorized person
   8.      Inspection of books etc. of licensees and others
   9.      Disclosure to Commissioner
   10.     Production and inspection of books where offence suspected
   11.     Investigation of certain matters
   12.     Power of court to make certain orders
   13.     Secrecy
   14.     Restriction on dealings by officers
   15.     Employees etc. to report certain facts to Commissioner

           Division 2-Investigations

   16.     Definitions
   17.     Appointment of inspectors
   18.     Powers of inspectors
   19.     Notes of examination
   20.     Delegation of powers etc. by inspector
   21.     Report of inspector
   22.     Minister's powers in respect of books
   23.     Privileged communications
   24.     Expenses of investigation
   25.     Concealing etc. of books relating to securities
   26.     Power of Minister to make certain orders

   PART III-STOCK EXCHANGES

   27.     Establishment etc. of stock markets
   28.     Power of Minister to approve stock exchange
   29.     Minister to be notified of amendments to rules
   30.     Stock exchanges to provide assistance to Commissioner
   31.     Court may order observance or enforcement of business rules
           or listing rules of stock exchange

   PART IV-LICENCES

   32.     Dealers licence
   33.     Dealer's representatives
   34.     Investment advisers
   35.     Investment representatives
   36.     Application for grant of licence
   37.     Grant of dealers licence or investment advisers licence
   38.     Grant of representatives licence
   39.     Change of principals of representative
   40.     Conditions to which licence is subject
   41.     Register of licence holders
   42.     Notification of change in particulars
   43.     Annual fee
   44.     Annual statement to be lodged with Commissioner
   45.     Commissioner may extend time for paying fee or lodging statement
   46.     Revocation and suspension of licences
   47.     Revocation and suspension of licences
   48.     Holder of licence to be deemed not to be holder while licence suspended
   49.     Opportunity for hearing

   PART V-CONDUCT OF SECURITIES BUSINESS

   50.     Certain representations prohibited
   51.     Issue of contract notes
   52.     Certain persons to disclose certain interests in securities
   53.     Dealings as principal
   54.     Short selling

   PART VI-ACCOUNTS AND AUDIT

   55.     Interpretations
   56.     Application of Part
   57.     Accounts to be kept by dealers
   58.     Security documents in custody of dealer
   59.     Dealers' trust accounts
   60.     Purposes for which money may be withdrawn from a trust account
   61.     Appointment of auditor by dealer
   62.     Removal and resignation of auditors
   63.     Fees and expenses of auditors
   64.     Dealers' accounts
   65.     Auditor to report to Commissioner in certain cases
   66.     Certain matters to be reported to the Commissioner
   67.     Defamation
   68.     Right of stock exchange to impose obligations etc. on
           members not affected by this Part
   69.     Power of Court to restrain dealings with dealer's accounts
   70.     Duty of bank manager to make full disclosure
   71.     Power of Court to make further orders and give directions
   72.     Power of Court to make order relating to payment of moneys

   PART VII-REGISTERS OF INTERESTS IN SECURITIES

   73.     Definition
   74.     Application of Part
   75.     Register to be maintained
   76.     Place where Register kept
   77.     Defences
   78.     Power of Commissioner to require production of Register
   79.     Power of Commissioner to require certain information to be supplied to him
   80.     Power of Commissioner to supply copy of Register

   PART VIII-DEPOSITS WITH STOCK EXCHANGES

   81.     Deposits to be lodged by sole traders and member firms
   82.     Deposits to be proportion of certain balances
   83.     Deposits to be invested by stock exchange
   84.     Accounts of deposits
   85.     Claims etc. not affected by this Part

   PART IX-FIDELITY FUNDS

   86.     Establishment of fidelity funds
   87.     Moneys constituting fidelity fund
   88.     Fund to be kept in separate account
   89.     Payments out of fund
   90.     Accounts of fund
   91.     Management sub-committee
   92.     Contributions to fund
   93.     Provisions where fund exceeds $2 000 000.
   94.     Levy in addition to annual contribution
   95.     Power of stock exchange to make advances to fund
   96.     Investment of fund
   97.     Application of fund
   98.     Claims against the fund
   99.     Rights of innocent partner in relation to fund
   100.    Notice calling for claims against fund
   101.    Power of committee to settle claims
   102.    Form of order of Court establishing claim
   103.    Power of committee to require production of securities etc.
   104.    Subrogation of stock exchange to rights etc. of claimant on payment from fund
   105.    Payment of claims only from fund
   106.    Provision where fund insufficient to meet claims or where
           claims exceed total amount payable
   107.    Power of stock exchange to enter into contracts of insurance
           or indemnity
   108.    Application of insurance moneys

   PART X-TRADING IN SECURITIES

   109.    False trading and markets and market rigging transactions
   110.    False or misleading statements etc.
   111.    Fraudulently inducing persons to deal in securities
   112.    Prohibition of dealings in securities by insiders
   113.    Penalties
   114.    Compensation for loss etc.
   115.    Dealer to give priority to clients' orders
   116.    Dealings by employees of holders of licences

   PART XI-MISCELLANEOUS

   117.    Restrictions on use of title "stockbroker" and "sharebroker"
   118.    Appeal
   119.    False or misleading statements
   120.    Preservation and disposal of records etc.
   121.    Concealing etc. of books relating to securities
   122.    Falsification of records
   123.    Obligation to guard against falsification of records
   124.    Miscellaneous offences
   125.    General penalty
   126.    Offences by bodies corporate
   127.    Proceedings by whom and when to be taken
   128.    Summary offences and indictable offences
   129.    Certain persons to assist in prosecutions
   130.    Reciprocity in relation to offences
   131.    Default penalty
   132.    Regulations

   PART XII-TRANSITIONAL PROVISIONS

   133.    Stockbrokers and staff
   134.    Licences under Securities Industry Act 1970.
   135.    Transitional provision
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           SCHEDULE-Repeals
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           ENDNOTES
           1. General Information
           2. Table of Amendments
           3. Explanatory Details