THE CORPORATIONS LAW

CHAPTER 1 - INTRODUCTORY

PART 1.2 - INTERPRETATION

Division 7 - Interpretation of other expressions

SECTION 72   FUTURES CONTRACT  

72(1)  [Meaning of ``futures contract'']  

A futures contract is:

(a)  a Chapter 8 agreement that is, or has at any time been, an eligible commodity agreement or adjustment agreement;

(b)  a futures option; or

(c)  an eligible exchange-traded option;

other than:

(d)  a Chapter 8 agreement:

(i) that is:

(A) a currency swap;

(B) an interest rate swap;

(C) a forward exchange rate contract; or

(D) a forward interest rate contract; and

(ii) to which an Australian bank, or a merchant bank as defined by subsection (4), is a party; or

(e)  a Chapter 8 agreement that, when entered into, is in a class of agreements prescribed for the purposes of this paragraph.

Note:

Regulations under subsection 72A(2) may provide that specified provisions of this Law and the regulations apply in relation to Chapter 8 agreements to which section 72A applies as if the agreements were futures contracts.

72(2)  [Chapter 8 agreement becoming a futures contract]  

Where a Chapter 8 agreement that was not a futures contract when it was entered into becomes a futures contract at a later time:

(a)  the parties to the Chapter 8 agreement shall be deemed to enter into a futures contract at the later time; and

(b)  the Chapter 8 agreement shall be deemed to constitute the futures contract referred to in paragraph (a).

72(3)  [Determining a class of futures contracts]  

Nothing in this Law limits the manner in which a class of futures contracts may be determined and such a class may be determined according to any criteria relevant to futures contracts.

72(4)  [``merchant bank'']  

For the purposes of subparagraph (1)(d)(ii), a body corporate is a merchant bank at a particular time if, and only if, it is at that time a registered corporation in:

(a)  the category for authorised money market dealers or, if there is at that time no such category, a prescribed category; or

(b)  the category for money market corporations or, if there is at that time no such category, a prescribed category.

72(5)  [Financial Corporations Act]  

An expression has the same meaning in subsection (4) as in the Financial Corporations Act 1974.