Hospital Foundations Act 2018
sec.55Requirement to report to Minister about derivative transactions
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sec.55 Requirement to report to Minister about derivative transactions
For each derivative transaction entered into by a foundation, the foundation must give the Minister a report about the transaction at the times— stated in an approval under division 4 ; or if no times are stated in an approval under division 4 —prescribed by regulation. Each report must contain the following information— details sufficient to identify the derivative transaction; a statement about the underlying exposure against which the foundation is trying to hedge; the stated purpose of the derivative transaction, including details of the Minister’s approval under which the transaction was entered into and verification of compliance with the conditions of the approval; details of any realised or unrealised gains or losses from the derivative transaction. However, if a foundation satisfies the Minister that, because of the number of derivative transactions entered into by the foundation, it is an undue burden on it to prepare a report under subsection (2) for each transaction, the report for subsection (1) may be a statement summarising the matters mentioned in subsection (2) for all of the foundation’s derivative transactions. (sec.55-ssec.1) For each derivative transaction entered into by a foundation, the foundation must give the Minister a report about the transaction at the times— stated in an approval under division 4 ; or if no times are stated in an approval under division 4 —prescribed by regulation. (sec.55-ssec.2) Each report must contain the following information— details sufficient to identify the derivative transaction; a statement about the underlying exposure against which the foundation is trying to hedge; the stated purpose of the derivative transaction, including details of the Minister’s approval under which the transaction was entered into and verification of compliance with the conditions of the approval; details of any realised or unrealised gains or losses from the derivative transaction. (sec.55-ssec.3) However, if a foundation satisfies the Minister that, because of the number of derivative transactions entered into by the foundation, it is an undue burden on it to prepare a report under subsection (2) for each transaction, the report for subsection (1) may be a statement summarising the matters mentioned in subsection (2) for all of the foundation’s derivative transactions.
- (a) stated in an approval under division 4 ; or
- (b) if no times are stated in an approval under division 4 —prescribed by regulation.
- (a) details sufficient to identify the derivative transaction;
- (b) a statement about the underlying exposure against which the foundation is trying to hedge;
- (c) the stated purpose of the derivative transaction, including details of the Minister’s approval under which the transaction was entered into and verification of compliance with the conditions of the approval;