THE CORPORATIONS LAW

CHAPTER 1 - INTRODUCTORY

PART 1.2 - INTERPRETATION

Division 4 - Dealing in futures contracts

SECTION 25   DEALING IN FUTURES CONTRACTS: GENERAL  

25(1)  [Acquisition or disposal]  

Subject to sections 26 and 27, a person deals 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.

25(2)  [On another person's behalf]  

Subject to sections 26 and 27, a person deals in a futures contract on another person's behalf if, and only if, the first-mentioned person acquires, or disposes of, the futures contract on the other person's behalf, or offers so to acquire, or so to dispose of, the futures contract.

25(3)  [Non-residents]  

In determining whether or not a person who is not a resident of Australia or of an external Territory deals in a futures contract on another person's behalf, an act that the holder of a futures brokers licence or an exempt broker does on the first-mentioned person's behalf shall be disregarded.

25(4)  [Effect of subsection (5)]  

Subsection (5) has effect for the purposes of determining:

(a)  whether or not a person deals in a futures contract on another person's behalf; and

(b)  (Omitted by No 110 of 1990, Sch 1 (effective 18 December 1990).)

(c)  what constitutes such a business carried on by a person.

25(5)  [Employees of brokers]  

An act that the person does:

(a)  while employed by, or acting for or by arrangement with, a futures broker;

(b)  as employee or agent of, or otherwise on behalf of, on account of, or for the benefit of, the broker; and

(c)  in connection with a business of dealing in futures contracts that the broker carries on;

shall be disregarded.

25(6)  [Non-applicability to other sections]  

Subsections (3), (4) and (5) do not have effect for the purposes of sections 26, 27, 28, 1126 and 1132.