THE CORPORATIONS LAW

CHAPTER 1 - INTRODUCTORY

PART 1.2 - INTERPRETATION

Division 7 - Interpretation of other expressions

SECTION 67   EXEMPT BROKERS AND EXEMPT FUTURES ADVISERS  

67(1)  [Body corporate]  

A body corporate is both an exempt broker and an exempt futures adviser if it is:

(a)  a prescribed body corporate; or

(b)  an exempt public authority in relation to which a declaration is in force under subsection (2).

67(2)  [Declaration by Minister]  

The Minister may by writing declare that paragraph (1)(b) applies in relation to specified bodies corporate.

67(3)  [Publication of declaration]  

The Commission shall cause a copy of an instrument executed under subsection (2) to be published in the Gazette.

67(4)  [Carrying on business in other capacity]  

Subject to this section, a person is an exempt broker or an exempt futures adviser if the person is a futures broker or futures adviser, as the case may be, but does not carry on a futures broking business or a futures advice business, as the case may be, except:

(a)  as an official receiver or trustee within the meaning of the Bankruptcy Act 1966; or

(b)  as a receiver, receiver and manager, or liquidator, appointed by a court; or

(c)  as a person appointed by a court to carry on the business concerned; or

(d)  as a receiver, receiver and manager, or liquidator, appointed otherwise than by a court; or

(e)  as an administrator of a body corporate; or

(ea)  as an administrator of a deed of company arrangement executed by a body corporate;

(f)  as a trustee or other person administering a compromise or arrangement between a body corporate and any other person or persons; or

(g)  as a personal representative of a dead futures broker or futures adviser, as the case may be; or

(h)  in such other capacity, or in such other circumstances, as are prescribed.

67(5)  [Approval necessary in certain circumstances]  

A person who carries on a futures broking business or futures advice business in a capacity referred to in any of paragraphs (4)(d) to (g), inclusive, shall be deemed for the purposes of subsection (4) to carry on the business otherwise than in that capacity unless there is in force under subsection (6) an approval of the person carrying on the business in that capacity.

67(6)  [Commission may grant approval]  

The Commission may, on application by a person and after having regard to:

(a)  the prescribed matters (if any); and

(b)  such matters as it thinks appropriate;

by writing approve of the person carrying on a specified futures broking business or futures advice business in a specified capacity, being a capacity referred to in any of paragraphs (4)(d) to (g), inclusive.

67(7)  [Exclusive effect of section]  

A person is not an exempt broker or an exempt futures adviser except as provided by this section.