{"id":"C2004A03866","name":"Futures Organisations (Membership) Fidelity Funds Contribution Act 1989","slug":"futures-organisations-membership-fidelity-funds-contribution-act-1989","collection":"act","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":"118 of 1989","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":36869,"registerId":"commonwealth-C2004A03866-current","compilationNumber":null,"startDate":"2026-04-01","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Futures Organisations (Membership) Fidelity Funds Contribution Act 1989","content":"![1.jpg](image.001.jpeg)\n\nFutures Organisations (Membership) Fidelity Funds Contribution Act 1989\n\nNo. 118 of 1989\n\nAn Act to impose a tax 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 (Membership) Fidelity Funds Contribution 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 tax\n\n4. The tax by the name of futures organisation (membership) fidelity fund contribution that is payable under subsection 1234 (2) of the Corporations Act 1989 by a member of a futures organisation referred to in that subsection is imposed by this Act.\n\nAmount of tax\n\n5. The amount of the tax is such amount, being not less than $100 and not more than such amount as is prescribed, as is determined by the futures organisation concerned in respect of the contributing member or in respect of a class of contributing members of the futures organisation in which the contributing member is included.\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":1585},"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This is the original 1989 enactment; the scope remains tightly focused on imposing and quantifying the fidelity fund contribution tax without expansion into broader regulatory matters."},"complexity_factors":["Very short statute (only 6 sections)","Operational details depend on incorporation by reference with Part 8.6 of the Corporations Act 1989","Simple calculation method: fixed minimum ($100) with a delegated maximum (prescribed by regulations)","Sub-delegation of rate-setting power to futures organisations themselves"],"plain_english_summary":"This Act creates a special tax—called a **futures organisation (membership) fidelity fund contribution**—that members of futures exchanges must pay to help protect traders.\n\n**What it does:**\n- Requires members of futures organisations (exchanges where futures contracts are bought and sold) to pay money into a \"fidelity fund\"\n- A fidelity fund acts like an insurance pool that compensates people if a member becomes insolvent or commits fraud\n\n**How the tax works:**\n- The futures organisation itself decides how much each member pays\n- The amount must be **at least $100** but **no more than a cap** set by government regulations\n- Different futures organisations can have different maximum caps\n\n**Why it matters:**\nThis ensures that people trading in futures markets have a financial safety net if something goes wrong, with the cost carried by market participants rather than the general public."}},"importantCases":[],"_links":{"self":"/api/acts/futures-organisations-membership-fidelity-funds-contribution-act-1989","history":"/api/acts/futures-organisations-membership-fidelity-funds-contribution-act-1989/history","analysis":"/api/acts/futures-organisations-membership-fidelity-funds-contribution-act-1989/analysis","conflicts":"/api/acts/futures-organisations-membership-fidelity-funds-contribution-act-1989/conflicts","importantCases":"/api/acts/futures-organisations-membership-fidelity-funds-contribution-act-1989/important-cases","documents":"/api/acts/futures-organisations-membership-fidelity-funds-contribution-act-1989/documents"}}