THE CORPORATIONS LAW

CHAPTER 8 - THE FUTURES INDUSTRY

PART 8.3 - PARTICIPANTS IN THE FUTURES INDUSTRY

Division 5 - Excluding persons from the futures industry

SECTION 1203   EFFECT OF PREVIOUS ORDERS UNDER LAWS CORRESPONDING TO SECTION 1201  

1203(1)  [Application]  

This section applies where, immediately before the commencement of section 1201, a person was, for the purposes of subsection 78(5) of the Futures Industry Act 1986 or a previous corresponding law of this or any other jurisdiction, disqualified, or deemed to be disqualified, either permanently or for a period, because of an order of an Australian court, from holding:

(a)  a futures broker's licence;

(b)  a futures adviser's licence;

(c)  a futures broker's representatives licence; or

(d)  a futures adviser's representatives licence;

under that Act or a corresponding previous law.

1203(2)  [Effect of order as from commencement]  

As from that commencement, the order has effect for the purposes of this Law as if it were an order:

(a)  disqualifying the person, permanently or for that period, as the case may be, from holding:

(i) if paragraph (1)(a) applies - a futures brokers licence under this Law; or

(ii) if paragraph (1)(b) applies - a futures advisers licence under this Law; or

(b)  prohibiting the person, permanently or for that period, as the case may be, from doing an act as:

(i) if paragraph (1)(c) applies - a representative of a futures broker; or

(ii) if paragraph (1)(d) applies - a representative of a futures adviser;

as the case requires, being an order in force under subsection 1201(2).

1203(3)  [Effect of order is additional]  

The effect that the order has by force of subsection (2) is in addition to, and does not prejudice, its effect otherwise than by force of that subsection.