Axe Cap Pty Ltd is a large hedge fund formed in

Australia that carries on the principal activity of trading in financial

securities and derivatives.   The

Commonwealth enacts legislation requiring entities trading in financial

securities and derivatives to not permit employees to make trades above a

threshold limit unless that employee holds specific qualifications.  Robert Charles is a securities trader dealing

with large institutional clients.  Robert

does not hold the requisite formal qualifications and challenges the validity of

the law on the basis that the legislation cannot impose requirements on

internal decision making of Axe Cap Pty Ltd. 

Which of the following is most correct?