Corporations Amendment Regulation 2012 (No. 1) (42 of 2012)

Schedule 1   Amendments

[11]   After paragraph 7.6.01 (1) (m), including the examples

insert

(ma)a financial service provided by a person in the following circumstances:

(i)the service consists only of 1 or more of the following:

(A)dealing in derivatives over carbon units, Australian carbon credit units or eligible international emissions units;

(B)dealing in a carbon unit, an Australian carbon credit unit or an eligible international emissions unit;

(C)dealing in foreign exchange contracts for carbon units, Australian carbon credit units or eligible international emissions units;

(ii)the service does not involve the making of a market for those derivatives, units or foreign exchange contracts;

(iii)the dealing is entered into for the purpose of managing financial risk in relation to the surrender, cancellation or relinquishment of carbon units, Australian carbon credit units or eligible international emissions units by:

(A)the person; or

(B)a related body corporate of the person; or

(C)an associated entity of the person;

Note Section 175 of the Carbon Credits (Carbon Farming Initiative) Act 2011 deals with the relinquishment of Australian carbon credit units. Section 210 of the Clean Energy Act 2011 deal with the relinquishment of carbon units.

(iv)the person does not deal in those derivatives, units or foreign exchange contracts as the principal activity of the person's business;

(v)the dealing is entered into:

(A)on the person's own behalf; or

(B)on behalf of a related body corporate of the person; or

(C)on behalf of an associated entity of the person;