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SR 2001 No. 317 Regulations as made
These Regulations amend the Australian Securities and Investments Commission Regulations 2001.
Administered by: Treasury
General Comments: This instrument was backcaptured in accordance with Section 36 of the Legislative Instruments Act 2003
Made 08 Oct 2001
Registered 01 Jan 2005
Tabled HR 12 Feb 2002
Tabled Senate 12 Feb 2002
Gazetted 15 Oct 2001
Date of repeal 09 Aug 2013
Repealed by Treasury (Spent and Redundant Instruments) Repeal Regulation 2013

Australian Securities and Investments Commission Amendment Regulations 2001 (No. 1)1

Statutory Rules 2001 No. 3172

I, PETER JOHN HOLLINGWORTH, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Australian Securities and Investments Commission Act 2001.

Dated 8 October 2001

PETER HOLLINGWORTH

Governor-General

By His Excellency’s Command

JOE HOCKEY


1              Name of Regulations

                These Regulations are the Australian Securities and Investments Commission Amendment Regulations 2001 (No. 1).

2              Commencement

                These Regulations commence on the day on which item 1 of Schedule 1 to the Financial Services Reform Act 2001 commences.

3              Amendment of Australian Securities and Investments Commission Regulations 2001

                Schedule 1 amends the Australian Securities and Investments Commission Regulations 2001.


Schedule 1        Amendments

(regulation 3)

  

[1]         After regulation 2

insert

2A           Territorial application of Act

         (1)   For subsection 4 (2) of the Act, the Act applies in each external Territory in accordance with this regulation.

         (2)   For the Territory of Christmas Island and the Territory of Cocos (Keeling) Islands:

                (a)    Division 2 of Part 2 of the Act applies in relation to:

                          (i)    a financial product; and

                         (ii)    a financial service; and

               (b)    the remainder of the Act applies in relation to:

                          (i)    a superannuation product within the meaning of section 761A of the Corporations Act; and

                         (ii)    an RSA product within the meaning of section 761A of the Corporations Act; and

                        (iii)    a financial service that relates to a superannuation product within the meaning of section 761A of the Corporations Act; and

                        (iv)    a financial service that relates to an RSA product within the meaning of section 761A of the Corporations Act.

         (3)   For an external Territory other than the Territory of Christmas Island and the Territory of Cocos (Keeling) Islands, the Act applies in relation to:

                (a)    a superannuation product within the meaning of section 761A of the Corporations Act; and

               (b)    an RSA product within the meaning of section 761A of the Corporations Act; and

                (c)    a financial service that relates to a superannuation product within the meaning of section 761A of the Corporations Act; and

               (d)    a financial service that relates to an RSA product within the meaning of section 761A of the Corporations Act.

2B           Financial products: credit facility

         (1)   For paragraph 12BAA (7) (k) of the Act, each of the following is a credit facility:

                (a)    the provision of credit:

                          (i)    for any period; and

                         (ii)    with or without prior agreement between the credit provider and the debtor; and

                        (iii)    whether or not both credit and debit facilities are available;

               (b)    a facility:

                          (i)    known as a bill facility; and

                         (ii)    under which a credit provider provides credit by accepting, drawing, discounting or indorsing a bill of exchange or promissory note;

                (c)    the provision of credit by a pawnbroker in the ordinary course of a pawnbroker’s business (being a business which is being lawfully conducted by the pawnbroker);

               (d)    the provision of credit by the trustee of the estate of a deceased person by way of an advance to a beneficiary or prospective beneficiary of the estate;

                (e)    the provision of credit by an employer, or a related body corporate of an employer, to an employee or former employee (whether or not it is provided to the employee or former employee with another person);

                (f)    the provision of a mortgage that secures obligations under a credit contract (other than a lien or charge arising by operation of any law or by custom);

               (g)    a guarantee related to a mortgage mentioned in paragraph (f);

               (h)    a guarantee of obligations under a credit contract;

                (i)    a facility for making non-cash payments (within the meaning of section 763D of the Corporations Act) if payments made using the facility will all be debited to a facility mentioned in paragraphs (a) to (h).

         (2)   The provision of consumer credit insurance that includes a contract of general insurance for the Insurance Contracts Act 1984 is not a credit facility.

         (3)   In this regulation:

credit means a contract, arrangement or understanding:

                (a)    under which:

                          (i)    payment of a debt owed by one person (a debtor) to another person (a credit provider) is deferred; or

                         (ii)    one person (a debtor) incurs a deferred debt to another person (a credit provider); and

               (b)    including any of the following:

                          (i)    any form of financial accommodation;

                         (ii)    a hire purchase agreement;

                        (iii)    credit provided for the purchase of goods or services;

                        (iv)    a contract, arrangement or understanding for the hire, lease or rental of goods or services, other than a contract, arrangement or understanding under which:

                                   (A)     full payment is made before or when the goods or services are provided; and

                                   (B)     for the hire, lease or rental of goods — an amount at least equal to the value of the goods is paid as a deposit in relation to the return of the goods;

                         (v)    an article known as a credit card or charge card;

                        (vi)    an article, other than a credit card or a charge card, intended to be used to obtain cash, goods or services;

                       (vii)    an article, other than a credit card or a charge card, commonly issued to customers or prospective customers by persons who carry on business for the purpose of obtaining goods or services from those persons by way of a loan;

                      (viii)    a liability in respect of redeemable preference shares;

                        (ix)    a financial benefit arising from or as a result of a loan;

                         (x)    assistance in obtaining a financial benefit arising from or as a result of a loan;

                        (xi)    issuing, indorsing or otherwise dealing in a promissory note;

                       (xii)    drawing, accepting, indorsing or otherwise dealing in a negotiable instrument (including a bill of exchange);

                      (xiii)    granting or taking a lease over real or personal property;

                      (xiv)    a letter of credit.

[2]         Paragraph 3 (j)

substitute

                (j)    the Department of Consumer and Employment Protection of Western Australia;

[3]         Regulation 5

omit

or 32 (1)

[4]         Regulation 15, definition of application

omit

the Act.

insert

the Corporations Act 2001.

[5]         After Part 4

insert

Part 5                 Clearing and settlement facilities

45            Meaning of clearing and settlement facility

                For paragraph 12BAB (17) (b) of the Act, the following obligations are prescribed:

                (a)    each obligation arising from a contract to transfer a financial product mentioned in paragraph 764A (1) (a) of the Corporations Act;

               (b)    each obligation arising from a contract to transfer a financial product mentioned in paragraph 764A (1) (b) of the Corporations Act;

                (c)    each obligation arising from acquiring or providing a financial product mentioned in paragraph 764A (1) (c) of the Corporations Act;

               (d)    each obligation arising from a contract to transfer a financial product mentioned in paragraph 764A (1) (j) of the Corporations Act;

                (e)    each obligation arising from a contract to transfer a financial product mentioned in paragraph 764A (1) (ba) of the Corporations Act.

46            Conduct that does not constitute operating a clearing and settlement facility

         (1)   For paragraph 12BAB (18) (i) of the Act, the conduct of TNS Clearing Pty Limited in becoming the legal counterparty to a broker-to-broker trade in quoted securities that is executed on the financial market known as the Australian Stock Exchange in the course of novation does not constitute operating a clearing and settlement facility.

         (2)   For paragraph 12BAB (18) (i) of the Act, the conduct of:

                (a)    the Stock Exchange of Newcastle Limited, or an agent of that body; or

               (b)    a participant of the Stock Exchange of Newcastle Limited, or an agent of the participant; or

                (c)    Bendigo Stock Exchange Limited, or an agent of that body; or

               (d)    a participant of the Bendigo Stock Exchange Limited, or an agent of the participant;

in operating a facility in accordance with the operating rules of a licensed market does not constitute operating a clearing and settlement facility if the requirements of subregulation (3) are met.

         (3)   For subregulation (2), the requirements are:

                (a)    the market licensee must have, and must be responsible for enforcing, operating rules that apply to a participant of the licensed market in relation to the participant’s obligations arising from transactions carried out on the licensed market; and

               (b)    a participant mentioned in paragraph (a), or an agent of the participant, must be responsible for fulfilling the obligations owed to another participant or agent arising from transactions carried out on the licensed market; and

                (c)    the market licensee is not the operator of any other clearing and settlement facility; and

               (d)    each participant of the licensed market is not the operator of any other clearing and settlement facility; and

                (e)    each agent of a participant of the licensed market is not the operator of any other clearing and settlement facility.

         (4)   In this regulation:

novation means the replacement of a contract (the original contract) between the buyer and seller of financial products with:

                (a)    a contract between the buyer and TNS Clearing Pty Limited in the same terms as the original contract; and

               (b)    a second contract between the seller and TNS Clearing Pty Limited in the same terms as the original contract.

47            Financial transaction reports

                For paragraph 243D (j) of the Act, neither subsection 16 (5A) nor (5AA) of the Financial Transaction Reports Act 1988 prohibits a cash dealer from communicating or disclosing a fact or information referred to in either of those subsections:

                (a)    to a body corporate approved under section 770 of the Corporations Act as an approved securities organisation; or

               (b)    in accordance with conditions imposed by the Minister when approving under section 770A of the Corporations Act a stock market for electronic trading of interests in a registered scheme; or

                (c)    in accordance with conditions imposed by the Minister when declaring a specified stock market to be an exempt stock market under section 771 of the Corporations Act; or

               (d)    in accordance with conditions imposed by the Minister when declaring a specified futures market to be an exempt futures market under section 1127 of the Corporations Act.

Note   Although sections 770, 770A, 771 and 1127 of the Corporations Act were repealed by the Financial Services Reform Act 2001, the sections are still relevant for specific purposes in the period of 2 years after the commencement of the Financial Services Reform Act.

[6]         Schedule 1, Form 2

omit

/subsection 32 (1)3

[7]         Schedule 1, Form 3

omit

/Corporations and Securities Panel3

insert

/Takeovers Panel3

[8]         Schedule 3

before

ASX Futures Exchange Pty Ltd

insert

Part 1          Australian bodies corporate

[9]         Schedule 3

after

Australian Stock Exchange Limited

insert

Bendigo Stock Exchange Ltd

[10]      Schedule 3

after

Options Clearing House Pty Limited

insert

SFE Corporation Limited

Stock Exchange of Newcastle Limited

[11]      Schedule 3

omit

Sydney Futures Exchange Limited

[12]      Schedule 3

insert

Part 2          Foreign bodies corporate

 

Item

Body

Location

1

American Stock Exchange Inc (also known as ‘AMEX’)

United States of America

2

Amsterdam Exchanges NV (also known as ‘AEX’)

The Netherlands

3

Athens Stock Exchange

Greece

4

Austrian Futures and Options Exchange (also known as ‘OTOB’)

Austria

5

Belgium Futures and Options Exchange (also known as ‘BELFOX’)

Belgium

6

Bolsa de Barcelona

Spain

7

Bolsa de Comercio de Buenos Aires

Argentina

8

Bolsa de Comercio de Santiago

Chile

9

Bolsa de Derivados do Porto

Portugal

10

Bolsa de Madrid

Spain

11

Bolsa de Mercadorias & Futuros

Brazil

12

Bolsa de Valores de Lima

Peru

13

Bolsa de Valores de Lima e Porto

Portugal

14

Bolsa de Valores de Rio de Janeiro

Brazil

15

Bolsa de Valores do São Paolo (also known as ‘BOVESPA’)

Brazil

16

Bolsa Mexicana de Valores

Mexico

17

Bourse de Montréal

Canada

18

Brussels Exchange (also known as ‘BXS’)

Belgium

19

Canadian Venture Exchange (also known as ‘CDNX’)

Canada

20

Chicago Board of Trade (also known as ‘CBOT’)

United States of America

21

Chicago Board Options Exchange

United States of America

22

Chicago Mercantile Exchange (also known as ‘CME’)

United States of America

23

Chicago Stock Exchange

United States of America

24

Coffee, Sugar and Cocoa Exchange Inc (also known as ‘CSCE’)

United States of America

25

Commodity Exchange Inc (also known as ‘COMEX’)

United States of America

26

Copenhagen Stock Exchange

Denmark

27

Deutsche Börse AG

Germany

28

Eurex Zurich AG

Germany and Switzerland

29

Financiele Termijnmarket Amsterdam NV

The Netherlands

30

Helsinki Exchanges (also known as ‘HEX’)

Finland

31

Hong Kong Futures Exchange Ltd (also known as ‘HKFE’)

Hong Kong

32

Irish Stock Exchange

Republic of Ireland

33

Istanbul Stock Exchange

Turkey

34

Italian Futures Exchange (also known as ‘MIF’)

Italy

35

Italian Stock Exchange

Italy

36

Jakarta Stock Exchange

Indonesia

37

Johannesburg Stock Exchange

South Africa

38

Kansas City Board of Trade

United States of America

39

Korea Stock Exchange

South Korea

40

Kuala Lumpur Commodity Exchange (also known as ‘KLCE’)

Malaysia

41

Kuala Lumpur Options and Financial Futures Exchange

Malaysia

42

Kuala Lumpur Stock Exchange

Malaysia

43

London International Financial Futures Exchange Ltd

United Kingdom

44

London Securities and Derivatives Exchange

United Kingdom

45

London Stock Exchange

United Kingdom

46

Marche a Terme International de France (also known as ‘MATIF’)

France

47

Marche des Options Negotiable de Paris (also known as ‘MOTEP’)

France

48

Mid American Commodity Exchange

United States of America

49

NASDAQ Stock Market (also known as ‘NASDAQ’)

United States of America

50

New York Futures Exchange

United States of America

51

New York Stock Exchange Inc (also known as ‘NYSE’)

United States of America

52

New Zealand Futures & Options Exchange Ltd (also known as ‘NZFOE’)

New Zealand

53

New Zealand Stock Exchange

New Zealand

54

OM Stockholm Exchange AB (also known as ‘OMS’)

Sweden

55

Osaka Securities Exchange (also known as ‘OSE’)

Japan

56

Oslo Stock Exchange (also known as ‘OLSO’)

Norway

57

Paris Bourse SBF SA

France

58

Philippines Stock Exchange

The Philippines

59

Port Moresby Stock Exchange

Papua New Guinea

60

Shanghai Stock Exchange

Peoples’ Republic of China

61

Shenzen Stock Exchange

Peoples’ Republic of China

62

Singapore Exchange Ltd (also known as ‘SGX’)

Singapore

63

Société de la Bourse de Luxembourg SA

Luxembourg

64

South African Futures Exchange (also known as ‘SAFEX’)

South Africa

65

Spanish Financial Derivatives Exchange (also known as ‘MEFF’)

Spain

66

Suva Stock Exchange

Fiji

67

Swiss Exchange (also known as ‘SWX’)

Switzerland

68

Taiwan Stock Exchange

Taiwan

69

Tel Aviv Stock Exchange

Israel

70

The Stock Exchange of Thailand

Thailand

71

Tokyo International Futures Exchange (also known as ‘TIFFE’)

Japan

72

Tokyo Stock Exchange (also known as ‘TSE’)

Japan

73

Toronto Futures Exchange (also known as ‘TFE’)

Canada

74

Toronto Stock Exchange (also known as ‘TSE’)

Canada

75

Warsaw Stock Exchange

Poland

76

Wiener Börse AG

Austria

Notes

1.       These Regulations amend Statutory Rules 2001 No. 192.

2.       Notified in the Commonwealth of Australia Gazette on 15 October 2001.