THE CORPORATIONS LAW

CHAPTER 8 - THE FUTURES INDUSTRY

PART 8.2 - FUTURES EXCHANGES, CLEARING HOUSES AND FUTURES ASSOCIATIONS

Division 4 - General

SECTION 1139   FUTURES EXCHANGES AND OTHERS TO ASSIST COMMISSION  

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1139(1)  [Assistance to be provided]  

A futures exchange, a clearing house for a futures exchange, and a futures association, shall each provide such assistance to the Commission, or to a person acting on behalf of, or with the authority of, the Commission, as the Commission reasonably requires for the performance of its functions under this Chapter.

1139(2)  [Disciplinary action against member]  

Where:

(a)  a body corporate, being a futures exchange, a clearing house for a futures exchange, or a futures association, decides to reprimand, fine, suspend, expel or otherwise take disciplinary action against, a member of the body corporate; and

(b)  subsection 1135(1) does not require the body corporate to give to the Commission a notice relating to the decision;

the body corporate shall, within 14 days after so deciding, give to the Commission a notice in writing setting out particulars of the name of the member, the decision, the reasons for the decision and, in the case of a decision to fine a member, the amount of the fine.

1139(2A)  [Exchange, etc to lodge statement of contravention]  

A futures exchange, a clearing house for a futures exchange or a futures association that believes that a person has committed, is committing or is about to commit a serious contravention of its business rules, or the Corporations Law of this or any other jurisdiction, must, as soon as practicable, lodge a statement setting out:

(a)  particulars of the contravention that it believes the person has committed, is committing or is about to commit; and

(b)  its reasons for that belief.

 View history note

1139(3)  [Clearing house to notify Commission]  

Where a clearing house for a futures exchange:

(a)  refuses to register a dealing in a futures contract; or

(b)  closes out a futures contract because of a failure to meet a call for deposit or margin;

it shall forthwith furnish the Commission with particulars of its action.

1139(4)  [Commission to have access to trading floor]  

A person authorised by the Commission is entitled at all reasonable times to full and free access for any of the purposes of this Law to the trading floor of a futures market of a futures exchange.

1139(5)  [Refusal to allow access]  

A person who refuses or fails, without lawful excuse, to allow a person authorised by the Commission access in accordance with subsection (4) to the trading floor of a futures market of a futures exchange contravenes this subsection.

 

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