Corporations Amendment Regulations 2009 (No. 8) (327 of 2009)

Schedule 1   Amendment commencing on commencement of Corporations Amendment (Short Selling) Act 2008

[1]   Part 7.9, after Division 14

insert

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

7.9.99 Interpretation – references to time

A reference in this Division to a time is a reference to the legal time in Sydney, New South Wales.

7.9.100 Seller disclosure

(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.

(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.

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

7.9.101 Licensee disclosure

(1) For paragraph 1020AC (2) (a) of the Act, the particulars that a financial services licensee must give in relation to information given to the licensee under section 1020AB of the Act in relation to a sale of a listed section 1020B product is the information specified in paragraphs 7.9.100 (1) (a), (b) and (c).

(2) For paragraph 1020AC (2) (b) of the Act:

(a) the time for disclosure of the information is on or before 9 am:

(i) if the information is given to the licensee after the start of the trading day but before 7 pm - on the next trading day after the licensee is given the information under section 1020AB of the Act; and

(ii) if the information is given to the licensee after 7 pm but before the start of the next trading day - on the second trading day after the licensee is given the information under section 1020AB of the Act; and

(b) the manner for disclosure of the information is by electronic transmission to the operator.

(3) A reference to trading day in subregulation (2) is to a trading day of the market where the information is given.

7.9.102 Public disclosure of information

(1) For paragraph 1020AD (2) (a) of the Act, the particulars which the operator of a licensed market must publicly disclose in relation to information given to the operator under section 1020AB or 1020AC of the Act in relation to a sale of a listed section 1020B product are the total number of each kind of section 1020B product that has been sold on a particular day and disclosed to the operator under section 1020AB or 1020AC of the Act.

(2) For subparagraph 1020AD (2) (b) (i) of the Act, the time for the disclosure of the information mentioned in subregulation (1) is:

(a) if the information is given to the licensee after the start of the trading day but before 7 pm - on the next trading day after the day the agreements to sell were entered into; and

(b) if the information is given to the licensee after 7 pm but before the start of the next trading day - on the second trading day after the day the agreements to sell were entered into.

(3) A reference to trading day in subregulation (2) is to a trading day of the market in relation to which the operator is responsible for disclosure of the information.

(4) For subparagraph 1020AD (2) (b) (ii) of the Act, the manner of public disclosure of the information mentioned in subregulation (1) is by publication:

(a) on the operator's website; or

(b) in any other form that is easily accessible by the public.


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