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Futures Industry (Application of Laws) Act 1987

An Act relating to the futures industry in Tasmania

[Royal Assent 15 April 1987]

Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:

PART I - Preliminary

1. Short title

This Act may be cited as the Futures Industry (Application of Laws) Act 1987 .

2. Commencement

(1) This section and section 1 shall commence on the day on which this Act receives the Royal Assent.

(2) Except as provided in subsection (1) , this Act shall commence on such day as may be fixed by proclamation.

3. Interpretation

(1) In this Act, unless the contrary intention appears –
Agreement means the agreement made on 22nd December 1978 between the Commonwealth and the States in relation to a proposed scheme for the co-operative regulation of companies and the securities industry, as amended or affected by subsequent agreements;
Commission means the National Companies and Securities Commission established by the National Companies and Securities Commission Act 1979 of the Commonwealth;
Commissioner for Corporate Affairs means the person holding office as Commissioner for Corporate Affairs under section 4 of the Commissioner for Corporate Affairs Act 1980 and includes any person holding that office in an acting capacity;
Ministerial Council means the Ministerial Council for Companies and Securities established by the Agreement;
the applied provisions means the provisions applying by reason of sections 5 and 6 ;
the Commonwealth Act means the Futures Industry Act 1986 of the Commonwealth.

(2) In this Act, a reference to a Commonwealth Act shall be construed as including a reference to that Act as amended and in force for the time being and to an Act passed in substitution for that Act.

4. Interpretation of Futures Industry (Tasmania) Code

The Companies and Securities (Interpretation and Miscellaneous Provisions) (Application of Laws) Act 1981 applies to the Futures Industry (Tasmania) Code .

PART II - Application of Laws

5. Application of Commonwealth Act

[Section 5 Amended by No. 41 of 2001, s. 29, Applied:15 Jul 2001] Subject to this Act, the provisions of the Commonwealth Act as in force on 31 December 1990 (other than sections 1 , 2 , and 3 ) apply –
(a) as if amended as set out in Schedule 1 ; and
(b) subject to and in accordance with the Companies and Securities (Interpretation and Miscellaneous Provisions) (Application of Laws) Act 1981 –
as laws of Tasmania.

6. Application of Futures Industry Regulations

[Section 6 Amended by No. 41 of 2001, s. 29, Applied:15 Jul 2001] Subject to this Act, the provisions of regulations in force on 31 December 1990 under the Commonwealth Act (other than provisions providing for the citation or commencement of the regulations) apply –
(a) as if amended as set out in Schedule 2 ; and
(b) subject to and in accordance with the Companies and Securities (Interpretation and Miscellaneous Provisions) (Application of Laws) Act 1981 –
as regulations made under the provisions applying by reason of section 5 .

7. Fees payable

(1) There shall be paid to the Commissioner for Corporate Affairs, for and on behalf of the State, for or in respect of –
(a) the lodgment of documents with the Commission under the applied provisions;
(b) the registration of documents under the applied provisions or the inspection or search of registers kept by, or documents in the custody of, the Commission under the applied provisions;
(c) the production by the Commission, pursuant to a subpoena, of any register kept by, or documents in the custody of, the Commission under the applied provisions;
(d) the issuing of documents or copies of documents, the granting of licences, consents, or approvals or the doing of other acts or things by the Ministerial Council or the Commission under the applied provisions;
(e) the making of inquiries of, or applications to, the Ministerial Council or the Commission in relation to matters arising under the applied provisions; and
(f) the submission to the Commission of documents for examination by the Commission –
such fees (if any) as are prescribed by regulations in force for the time being under the Futures Industry (Fees) Act 1986 of the Commonwealth and specified in the Schedule to those regulations as if amended as set out in Schedule 3 and as if, unless the contrary intention appears, the expressions used had the same respective meanings as in the applied provisions.

(2) Where a fee is payable to the Commissioner for Corporate Affairs for and on behalf of the State under subsection (1) for or in respect of the lodgment of a document with the Commission and the document is submitted for lodgment without payment of the fee, the document shall be deemed not to have been lodged until the fee has been paid.

(3) Where a fee is payable to the Commissioner for Corporate Affairs for and on behalf of the State under subsection (1) for or in respect of any matter involving the doing of any act or thing by the Ministerial Council or the Commission, the Ministerial Council or the Commission shall not do that act or thing until the fee has been paid.

(4) This section has effect notwithstanding anything contained in the applied provisions.

(5) Nothing in this section prevents the Commissioner for Corporate Affairs for and on behalf of the State from –
(a) waiving or reducing, in a particular case or classes of cases, fees that would otherwise be payable pursuant to this section; or
(b) refunding in whole or in part, in a particular case or classes of cases, fees paid pursuant to this section.

(6) In this section, unless the contrary intention appears, expressions used have the same respective meanings as in the applied provisions.

8. Amendment of regulations pursuant to Agreement

(1) Where, under the Agreement, the Ministerial Council approves a proposed amendment of the regulations in force for the time being under the Commonwealth Act or the Futures Industry (Fees) Act 1986 of the Commonwealth and, on the expiration of 6 months after the date on which the Ministerial Council so approved, the amendment has not been made or has been made and is subject to disallowance or has ceased to be in force by disallowance or for any other reason, the Governor may make regulations in accordance with the proposed amendment approved by the Ministerial Council amending the provisions of regulations applying by reason of section 6 or the regulations referred to in section 7 , as the case may be.

(2) Regulations made by the Governor under subsection (1) may amend Schedule 2 or 3 , and that Schedule as so amended shall be Schedule 2 or 3 , as the case may be, to this Act.

(3) In this Act –
(a) a reference to provisions of regulations applying by reason of section 6 includes a reference to provisions as so applying as amended in accordance with this section; and
(b) a reference to fees prescribed by regulations under the Futures Industry (Fees) Act 1986 of the Commonwealth includes a reference to those regulations as amended in accordance with this section.

9. Publication of Futures Industry (Tasmania) Code

(1) The Minister may from time to time authorize the publication by the Government Printer of the provisions of the Commonwealth Act (other than sections 1 , 2 , and 3 ), amended as set out in Schedule 1 and in operation, or to come into operation, in Tasmania.

(2) A document published under subsection (1) –
(a) shall include the headings and sections set out in Schedule 4 ;
(b) shall include a notification of the date, or dates, on which the several provisions set out in the document came, or come, into operation in Tasmania;
(c) shall include a statement of the date on which the Minister authorized the publication; and
(d) may be cited as the Futures Industry (Tasmania) Code .

(3) A document that is, or purports to be, a copy of the Futures Industry (Tasmania) Code that has been, or purports to have been, published in accordance with this section is prima facie evidence of the provisions of the Commonwealth Act applying by reason of section 5 as in operation, or to come into operation, in Tasmania as notified in the document in accordance with subsection (2) (b) .

10. Publication of Futures Industry (Tasmania) Regulations

(1) The Minister may from time to time authorize the publication by the Government Printer of the provisions of regulations under the Commonwealth Act (other than provisions providing for the citation or commencement of the regulations), amended as set out in Schedule 2 and in operation, or to come into operation, in Tasmania.

(2) A document published under subsection (1) –
(a) shall include the heading and provisions set out in Schedule 5 ;
(b) shall include a notification of the date, or dates, on which the several provisions set out in the document came, or come, into operation in Tasmania;
(c) shall include a statement of the date on which the Minister authorized the publication; and
(d) may be cited as the Futures Industry (Tasmania) Regulations .

(3) A document that is, or purports to be, a copy of the Futures Industry (Tasmania) Regulations that has been, or purports to have been, published in accordance with this section is prima facie evidence of the provisions applying by reason of section 6 as in operation, or to come into operation, in Tasmania as notified in the document in accordance with subsection (2) (b) .

11. Publication of Futures Industry (Fees) (Tasmania) Regulations

(1) The Minister may from time to time authorize the publication by the Government Printer of the Schedule to regulations prescribing fees under the Futures Industry (Fees) Act 1986 of the Commonwealth amended as set out in Schedule 3 and in operation, or to come into operation, in Tasmania.

(2) A document published under subsection (1) –
(a) shall include the heading and provisions set out in Schedule 6 ;
(b) shall include a notification of the date, or dates, on which the several provisions set out in the document came, or come, into operation in Tasmania;
(c) shall include a statement of the date on which the Minister authorized the publication; and
(d) may be cited as the Futures Industry (Fees) (Tasmania) Regulations .

(3) A document that is, or purports to be, a copy of the Futures Industry (Fees) (Tasmania) Regulations that has been or purports to have been published in accordance with this section is prima facie evidence of the provisions of the Schedule to regulations referred to in section 7 as in operation, or to come into operation, in Tasmania as notified in the document in accordance with subsection (2) (b) .

12. Publication of provisions of amended Code or regulations

(1) The Minister may from time to time authorize the publication by the Government Printer of a document setting out –
(a) provisions that by reason of –
(i) the enactment of an Act of the Commonwealth amending the Commonwealth Act ; and
(ii) the operation of section 5 (including the operation, if applicable, of Schedule 1 ) –
apply, or will apply, as laws of Tasmania;
(b) provisions that by reason of –
(i) regulations under the Commonwealth Act ; and
(ii) the operation of section 6 (including the operation, if applicable, of Schedule 2 ) –
apply, or will apply, as regulations made under the provisions applying by reason of section 5 ; or
(c) fees that by reason of –
(i) regulations under the Futures Industry (Fees) Act 1986 of the Commonwealth; and
(ii) the operation of section 7 (including the operation, if applicable, of Schedule 3 ) –
are or will be, payable under that section.

(2) A document published under subsection (1) shall include a notification of the date, or dates, on which the provisions or fees set out in the document came, or come, into operation in Tasmania.

(3) A document that has been, or purports to have been, published in accordance with this section is prima facie evidence of provisions or fees referred to in subsection (1) set out in the document.

13. Interpretation of references to the applied provisions

(1) Unless the contrary intention appears, in this or any other Act or in a regulation or other instrument made under this or any other Act or in any other document made by or under the authority of, or for the purposes of, a law of Tasmania –
(a) a reference to the Futures Industry (Tasmania) Code is a reference to the provisions of the Commonwealth Act applying by reason of section 5 ;
(b) a reference to a provision of that Code is a reference to the corresponding provisions of the Commonwealth Act as so applying;
(c) a reference to the Futures Industry (Tasmania) Regulations is a reference to the provisions of regulations in force under the Commonwealth Act applying by reason of section 6 ;
(d) a reference to a provision of those regulations is a reference to the corresponding provision of the regulations in force under the Commonwealth Act as so applying;
(e) a reference to the Futures Industry (Fees) (Tasmania) Regulations is a reference to the Schedule to regulations prescribing fees in force under the Futures Industry (Fees) Act 1986 of the Commonwealth as referred to in section 7 ; and
(f) a reference to a provision of that Schedule is a reference to the corresponding provision of the Schedule to regulations prescribing fees in force under that Act as referred to in section 7 .

(2) In subsection (1) , provision includes Part, Division, section, subsection, paragraph, subparagraph, Schedule, form, regulation, clause, subclause, and other division.

14. Amendment of certain provisions in accordance with approval of Ministerial Council

Where, under the Agreement, the Ministerial Council –
(a) approves –
(i) a proposed amendment of the Commonwealth Act ;
(ii) regulations proposed to be made under the Commonwealth Act (whether or not amending other regulations);
(iii) a proposed amendment of the Futures Industry (Fees) Act 1986 of the Commonwealth; or
(iv) regulations proposed to be made under the Act referred to in subparagraph (iii) (whether or not amending other regulations); and
(b) approves proposed regulations to be made under this Act in connection with the operation of the proposed amendment or regulations referred to in paragraph (a) –
the Governor may make regulations amending Schedule 1 , 2 , or 3 or section 7 , as the case may be, in accordance with that approval, and that Schedule or section as so amended shall be Schedule 1 , 2 , or 3 or section 7 , as the case may be, of this Act.