Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.11 - TITLE AND TRANSFER  

Division 4 - Transfer of Division 4 financial products effected through prescribed CS facility  

REGULATION 7.11.26   AUTHORITY TO ENTER INTO TRANSACTION GIVES AUTHORITY TO TRANSFER  

7.11.26(1)    
This regulation applies if a person authorises a participant to enter into a transaction involving the disposal of a Division 4 financial product (for example, a sale).

7.11.26(2)    
The person is taken to have authorised the participant to effect any proper ASTC transfer of the Division 4 financial product that the participant effects, whether or not the transfer has any connection with the transaction.

Note: The transfer may have no connection with the transaction because of the operation of the provisions of the ASTC operating rules mentioned in subregulation 7.5.41(1) .

7.11.26(3)    
The authority that the person is taken by subregulation (2) to have given:

(a)    is revoked if, before the transaction is entered into, the authority to enter into the transaction is revoked or otherwise ceases to have effect; and

(b)    cannot otherwise be revoked.

7.11.26(4)    
If the person dies after the transaction is entered into, the authority:

(a)    continues in force, despite the person's death, as if the person were still alive; and

(b)    cannot be revoked.

7.11.26(5)    
If:

(a)    

the authority mentioned in subregulations (1) and (2) is given to a participant (the transacting participant ) in a financial market; and

(b)    

under the market licensee ' s operating rules, a participant in a clearing and settlement facility (the clearing participant ) has the function of completing the relevant transaction;

the clearing participant has the same authority as the transacting participant has under subregulations (1) and (2) .