Securities Markets Act 1988

49B Regulations concerning dealing in futures contracts

  • (1) The Governor-General may, by Order in Council made on the recommendation of the Minister, in accordance with subsection (3), make regulations for the purpose of—

    • (a) regulating the business and operations of authorised futures exchanges:

    • (b) regulating the carrying on of the business of dealing in futures contracts and prescribing requirements that must be met by persons dealing in those contracts including requirements relating to the disclosure of financial and other information and the appointment and duties of trustees:

    • (c) regulating the receipt of money and property from clients by persons dealing in futures contracts and the application of that money and property:

    • (d) prescribing requirements relating to the deposit of that money and property in separate clients' funds accounts or safe custody, as the case may be:

    • (e) specifying the duties and obligations of those dealers in relation to clients' funds accounts including obligations to make payments into those accounts:

    • (f) providing for the protection of money deposited in clients' funds accounts and the investment of that money and property deposited in safe custody from claims against persons dealing in futures contracts:

    • (g) providing for the FMA to carry out functions under the regulations, and its powers and procedures in doing so.

    (2) Without limiting subsection (1), regulations made under that subsection may also apply to persons acting on behalf of an authorised futures exchange in the same way that they apply to the authorised futures exchange.

    (3) The Minister must consult with the FMA before making a recommendation under subsection (1).

    Section 49B: inserted, on 29 February 2008, by section 13 of the Securities Markets Amendment Act 2006 (2006 No 47).

    Section 49B(1)(g): amended, on 1 May 2011, by section 84(3) of the Financial Markets Authority Act 2011 (2011 No 5).

    Section 49B(3): amended, on 1 May 2011, by section 84(3) of the Financial Markets Authority Act 2011 (2011 No 5).