Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.9 - FINANCIAL PRODUCT DISCLOSURE AND OTHER PROVISIONS RELATING TO ISSUE AND SALE OF FINANCIAL PRODUCTS  

Division 15 - Disclosure in relation to short sales covered by securities lending arrangement of listed section 1020B products  

REGULATION 7.9.100   SELLER DISCLOSURE  

7.9.100(1)    
For paragraph 1020AB(3)(a) of the Act, the particulars that a seller must give in relation to a sale of a listed section 1020B product where the seller has a presently exercisable and unconditional right to vest the product in a buyer under a securities lending arrangement are as follows:

(a) the number of section 1020B products that the seller will vest in the buyer under the arrangement;

(b) a description of the product;

(c) the name of the entity that issued the product;

(d) the seller ' s short position as at the close of business 3 reporting days before the day the particulars must be given under subregulation (4).

7.9.100(2)    
For subparagraph 1020AB(3)(b)(i) of the Act, in relation to particulars mentioned in paragraphs (1)(a), (b), and (c):

(a) the seller mentioned in subparagraph 1020AB(1)(a)(i) of the Act must give the particulars at the time of entering into an agreement to sell; and

(b) the seller mentioned in subparagraph 1020AB(1)(a)(ii) of the Act must give the particulars on or before 9 am:

(i) if the sale occurs after the start of the trading day but before 7 pm - on the next trading day after entering into an agreement to sell; and

(ii) if the sale occurs after 7 pm but before the start of the next trading day - on the second trading day after entering into an agreement to sell.

7.9.100(3)    
A reference to trading day in subregulation (2) is to a trading day of the market where the sale is executed or reported.

7.9.100(4)    

For subparagraph 1020AB(3)(b)(i) of the Act, in relation to particulars mentioned in paragraph (1)(d), the seller must give the particulars:

(a) on or before 9 am on the third reporting day after entering into the agreement to sell that causes the short position to occur; and

(b) on or before 9 am on each subsequent reporting day as long as the seller has a short position.

7.9.100(5)    

Paragraph (4)(b) applies whether or not the particulars about the short position have changed from that given on the previous day.

7.9.100(6)    

For subparagraph 1020AB(3)(b)(ii) of the Act, in relation to particulars mentioned in paragraph (1)(d), the seller must give the particulars in the form required by ASIC.

7.9.100(7)    

For subparagraphs 1020AB(4)(a)(ii) and (b)(ii) of the Act, in relation to the particulars mentioned in paragraph (1)(d), the entity is ASIC.

7.9.100(8)    

For subparagraph 1020AB(4)(b)(ii) of the Act, and in relation to the particulars other than the particulars mentioned in paragraph (1)(d), if the operator of the licensed market mentioned in subparagraph 1020AB(1)(a)(ii) of the Act ( operator 1 ) appoints the operator of another licensed market ( operator 2 ), in writing, as operator 1 ' s agent for the purpose of receiving any of those particulars, operator 2 is the entity for those particulars.