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

Schedule 2   Amendments commencing on the day specified by the Minister by instrument in writing

[1]   Regulation 7.9.99

substitute

7.9.99 Interpretation

(1) In this Division:

reporting day , in relation to a short position, means a day on which the Sydney office of ASIC is open for business.

Meaning of short position

(2) In this Division, a short position is a position in relation to a section 1020B product in a listed entity where the quantity of the product which a person has is less than the quantity of the product which the person has an obligation to deliver.

(3) In subregulation (2), the person has the product if:

(a) the person is holding the product on the person's own behalf; or

(b) another person is holding the product on the person's behalf; or

(c) the person has entered into an agreement to buy the product but has not received it; or

(d) the person has vested title in the product in a borrower, or in an entity nominated by the borrower, under a securities lending arrangement.

(4) In subregulation (2), the product which the person has an obligation to deliver is the product which the person:

(a) has an obligation to deliver under a sale agreement where the product has not been delivered; or

(b) has an obligation to vest title in a lender under a securities lending arrangement; or

(c) has any other non-contingent legal obligation to deliver.

References to time

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