Corporations Regulations 2001
View history note
Hide history note[ CCH Note: Pursuant to the Corporations Amendment Regulations 2001 (No 4) (SR 2001 No 319) effective 11 March 2002, Chapter 7 (Securities) comprising reg 7.1.01 - 7.15.01 and Chapter 8 (The futures industry) comprising reg 8.1.01 - 8.7.03 are replaced by a new Chapter 7 (Financial services and markets) comprising reg 7.1.01 - 7.12.01. As the subject matter of the new Chapter 7 relates to the new financial services reform regime, " inserted " has been used in the history notes for each provision, and all references to the former provisions have been removed.]
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) .
[ CCH Note: Reg 7.5.41 was omitted by SLI 2005 No 38, Sch 1 [ 22] (effective 31 March 2005).]
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) .
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