THE CORPORATIONS LAW

CCH Note: Part 13 of the Corporations Act 1989, inserted by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as follows:

PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82
The Corporations Law is as follows:...

CHAPTER 8 - THE FUTURES INDUSTRY

PART 8.5 - FINANCIAL STATEMENTS AND AUDIT

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SECTION 1221 CERTAIN MATTERS TO BE REPORTED TO COMMISSION

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1221(1) [Futures exchange to report on prescribed matter]

Where, in relation to a futures broker who is a member of a futures exchange, the futures exchange becomes aware of a prescribed matter, the futures exchange shall, as soon as practicable after becoming aware of the matter, lodge a written report on the matter and send a copy of the report to the broker.

1221(2) [Application of subsec (1)]

Subsection (1) applies:

(a) in relation to a clearing house for a futures exchange and a member of the clearing house; and

(b) in relation to a futures association and a member of the futures association (unless the futures association is also a futures exchange);

in the same manner as it applies in relation to a futures exchange and a member of the futures exchange.

1221(3) [``prescribed matter'']

In this section, ``prescribed matter'', in relation to a futures broker, means a matter that, in the opinion of the futures exchange, clearing house or futures association concerned:

(a) has adversely affected, is adversely affecting, or may adversely affect, the ability of the broker to meet the broker's obligations as a broker;

(b) constitutes or may constitute a contravention of section 1209, 1213 or 1214;

(c) constitutes or may constitute a contravention of a condition of a licence held by the broker; or

(d) constitutes a failure to make, in accordance with Part 8.6, contributions to a fidelity fund.

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