{"id":"C2004A03867","name":"Futures Organisations Fidelity Funds Levy Act 1989","slug":"futures-organisations-fidelity-funds-levy-act-1989","collection":"act","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":"119 of 1989","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":26400,"registerId":"commonwealth-C2004A03867-current","compilationNumber":null,"startDate":"2026-04-01","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Futures Organisations Fidelity Funds Levy Act 1989","content":"![1.jpg](image.001.jpeg)\n\nFutures Organisations Fidelity Funds Levy Act 1989\n\nNo. 119 of 1989\n\nAn Act to impose a levy on contributing members of certain futures organisations\n\n\\[Assented to 14 July 1989\\]\n\nBE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:\n\nShort title\n\n1. This Act may be cited as the Futures Organisations Fidelity Funds Levy Act 1989.\n\nCommencement\n\n2. This Act commences on the same day as Part 8.6 of the Corporations Act 1989.\n\nIncorporation\n\n3. The Corporations Act 1989 is incorporated, and shall be read as one, with this Act, and shall be so read as if the provisions of this Act were provisions of Part 8.6 of that Act.\n\n  \nImposition of levy\n\n4. Any levy by the name of futures organisation fidelity fund levy that is payable under subsection 1235 (1) of the Corporations Act 1989 by a contributing member of a futures organisation referred to in that subsection is imposed by this Act.\n\nAmount of levy\n\n5. The amount of the levy is such amount, not exceeding the prescribed amount, as is determined by the futures organisation concerned.\n\nRegulations\n\n6. (1) The Governor-General may make regulations prescribing maximum amounts for the purposes of section 5.\n\n(2) The regulations may prescribe different maximum amounts in relation to different futures organisations.\n\n\\[Minister’s second reading speech made in—\n\nHouse of Representatives on 25 May 1988\n\nSenate on 14 October 1988\\]","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":2468},"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The Act remains tightly focused on its original purpose of imposing a statutory levy on futures organisation members to fund fidelity funds, with no evidence of scope expansion beyond this specific taxation mechanism."},"complexity_factors":["Only 6 operative sections","Incorporation by reference of the Corporations Act 1989 (requires reading both Acts together to understand full operation)","Constitutional taxation segregation (separate Act required solely to impose the levy for s55 compliance)","Delegated amount-setting mechanism (futures organisations determine specific amounts within regulatory caps set by regulations)"],"plain_english_summary":"This Act imposes a levy on members of futures organisations (like futures exchanges) to fund fidelity funds that compensate clients if a broker becomes insolvent or mishandles client money. It makes the levy enforceable as a tax (separate from the Corporations Act): exchanges set member contributions within government‑set caps. It ensures fidelity funds have legally collectable resources to protect client interests."}},"importantCases":[],"_links":{"self":"/api/acts/futures-organisations-fidelity-funds-levy-act-1989","history":"/api/acts/futures-organisations-fidelity-funds-levy-act-1989/history","analysis":"/api/acts/futures-organisations-fidelity-funds-levy-act-1989/analysis","conflicts":"/api/acts/futures-organisations-fidelity-funds-levy-act-1989/conflicts","importantCases":"/api/acts/futures-organisations-fidelity-funds-levy-act-1989/important-cases","documents":"/api/acts/futures-organisations-fidelity-funds-levy-act-1989/documents"}}