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Corporations Amendment Regulations 2002 (No. 5)

Authoritative Version
  • - F2002B00127
  • No longer in force
SR 2002 No. 126 Regulations as made
These Regulations amend the Corporations Regulations 2001.
Administered by: Treasury
General Comments: This instrument was backcaptured in accordance with Section 36 of the Legislative Instruments Act 2003
Made 06 Jun 2002
Registered 01 Jan 2005
Tabled HR 18 Jun 2002
Tabled Senate 18 Jun 2002
Gazetted 14 Jun 2002
Date of repeal 09 Aug 2013
Repealed by Treasury (Spent and Redundant Instruments) Repeal Regulation 2013
Table of contents.

Corporations Amendment Regulations 2002 (No. 5)1

Statutory Rules 2002 No. 1262

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 Corporations Act 2001.

Dated 6 June 2002

PETER HOLLINGWORTH

Governor-General

By His Excellency’s Command

IAN CAMPBELL


Contents

                        1  Name of Regulations                                                         2

                        2  Commencement                                                                2

                        3  Amendment of Corporations Regulations 2001                     2

Schedule 1           Amendments taken to have commenced at 12.02 am on 11 March 2002 3

Schedule 2           Amendment taken to have commenced at 12.03 am on 11 March 2002 5

Schedule 3           Amendments commencing on gazettal                             6

 


1              Name of Regulations

                These Regulations are the Corporations Amendment Regulations 2002 (No. 5).

2              Commencement

                These Regulations commence, or are taken to have commenced, as follows:

                (a)    at 12.02 am on 11 March 2002 — regulations 1 to 3 and Schedule 1;

               (b)    at 12.03 am on 11 March 2002 — Schedule 2;

                (c)    on gazettal — Schedule 3.

3              Amendment of Corporations Regulations 2001

                Schedules 1, 2 and 3 amend the Corporations Regulations 2001.



 

Schedule 1        Amendments taken to have commenced at 12.02 am on
11 March 2002

(regulation 3)

  

[1]           Subregulation 10.2.40A (3)

omit

[2]           Paragraph 10.2.201 (1) (b)

omit

Subdivision 5 of Part 6.5 of Chapter 6

insert

Subdivision D of Division 5 of Part 6.5

[3]           Subregulation 10.2.201 (2)

omit

Subdivision 5 of Part 6.5 of Chapter 6

insert

Subdivision D of Division 5 of Part 6.5

[4]           After regulation 10.2.201

insert

10.2.201A  References to financial services licensees

                For section 1444 of the Act:

                (a)    a reference in paragraph 648J (4) (c) of the Act to a professional investor includes the holder of a licence of any type granted or issued under the old Corporations Act; and

               (b)    a reference in subregulation 6.5.01 (3) to a financial services licensee includes the holder of a licence of any type granted or issued under the old Corporations Act.


 

Schedule 2        Amendment taken to have commenced at 12.03 am on
11 March 2002

(regulation 3)

  

[1]           Subregulation 6.5.01 (3)

substitute

         (3)   For paragraph 648J (4) (d) of the Act:

                (a)    an authorised representative of a financial services licensee who is acting on behalf of the bidder or target in relation to a takeover bid is prescribed only if the authorised representative is not involved in a telephone call as a holder of securities in the bidder or the target; and

               (b)    any other person who is acting on behalf of the bidder or target in relation to a takeover bid is prescribed only if that person is not involved in a telephone call as a holder of securities in the bidder or the target.


 

Schedule 3        Amendments commencing on gazettal

(regulation 3)

  

[1]           Paragraph 7.1.04 (1) (a)

omit

2 business days; and

insert

3 business days; and

[2]           Subregulation 7.1.04 (2)

after

of the Act,

insert

and subject to this regulation,

[3]           After subregulation 7.1.04 (3)

insert

         (4)   An arrangement under which:

                (a)    a party has, or may have, an obligation to buy tangible property (other than Australian or foreign currency) at a price and on a date in the future; and

               (b)    another party has, or may have, an obligation to sell that property; and

                (c)    the arrangement does not permit the seller’s obligations to be wholly settled by cash, or by set‑off between the parties, rather than by delivery of the property; and

               (d)    neither usual market practice, nor the rules of a licensed market or a licensed CS facility, permits the seller’s obligations to be closed out by the matching up of the arrangement with another arrangement of the same kind under which the seller has offsetting obligations to buy;

is not an arrangement to which subregulation (2) applies to the extent only that the arrangement deals with that purchase and sale.

         (5)   An arrangement under which:

                (a)    a party has an obligation to buy property; and

               (b)    another party has an obligation to sell the property;

is not an arrangement to which subregulation (2) applies merely because the arrangement provides for the consideration to be varied by reference to a general inflation index (for example, the Consumer Price Index).

         (6)   A contract for the future provision of services is not an arrangement to which subregulation (2) applies.

         (7)   A thing that is described in subsection 764A (1) of the Act, other than paragraph 764A (1) (c), is not an arrangement to which subregulation (2) applies.

         (8)   Subregulations (4) to (7) apply whether or not a matter mentioned in those subregulations is described in subsection 761D (1) of the Act.

[4]           After paragraph 7.2.09 (g)

insert

              (ga)    the Commissioner of State Revenue of Western Australia;

[5]           After paragraph 7.2.09 (i)

insert

               (ia)    the State Revenue Office of Victoria;

[6]           After paragraph 7.2.09 (j)

insert

               (ja)    the Office of State Revenue of Queensland;

[7]           After paragraph 7.2.09 (l)

insert

               (la)    the Department of Treasury and Finance of Tasmania;

[8]           Subregulation 7.2.16 (15)

substitute

       (15)   If ASIC is notified under subregulation (14), ASIC must, as soon as practicable:

                (a)    decide whether it will cease to make the decisions and take the action (or cease to require ASX to take action on ASIC’s behalf); and

               (b)    notify ASX and the competitor of its decision.

       (16)   If ASIC decides to cease to make decisions and take action (or to cease to require ASX to take action on ASIC’s behalf), ASIC must cease to make decisions and take action (or must cease to require ASX to take action on ASIC’s behalf) in relation to the conflict or potential conflict.

       (17)   If ASIC decides not to cease to make decisions and take action (or not to cease to require ASX to take action on ASIC’s behalf), ASIC must continue to make decisions and take action (or must require ASX to take action on ASIC’s behalf) in relation to the conflict or potential conflict.

[9]           After paragraph 7.3.07 (g)

insert

              (ga)    the Commissioner of State Revenue of Western Australia;

[10]         After paragraph 7.3.07 (i)

insert

               (ia)    the State Revenue Office of Victoria;

[11]         After paragraph 7.3.07 (j)

insert

               (ja)    the Office of State Revenue of Queensland;

[12]         After paragraph 7.3.07 (l)

insert

               (la)    the Department of Treasury and Finance of Tasmania;

[13]         After paragraph 7.3.08 (g)

insert

              (ga)    the Commissioner of State Revenue of Western Australia;

[14]         After paragraph 7.3.08 (i)

insert

               (ia)    the State Revenue Office of Victoria;

[15]         After paragraph 7.3.08 (j)

insert

               (ja)    the Office of State Revenue of Queensland;

[16]         After paragraph 7.3.08 (l)

insert

               (la)    the Department of Treasury and Finance of Tasmania;

[17]         Subregulation 7.5.92 (3)

omit

development account, the market licensee:

insert

development account:

[18]         After regulation 7.9.63H

insert

7.9.63I  Confirmation of transaction in electronic form

         (1)   For subparagraph 1017F (6) (a) (ii) of the Act, a confirmation of a transaction that is to be given in electronic form must, as far as practicable, be presented in a way that will allow the person to whom it is given to keep a copy of it so that the person can have ready access to it in the future.

         (2)   A confirmation of a transaction that is to be given in electronic form must be presented in a way that clearly identifies the information that is part of the confirmation.

[19]         After regulation 7.9.75

insert

7.9.75A  Ways of giving information

         (1)   For paragraph 1017B (3) (c) of the Act, the following are ways in which a responsible person may notify a holder:

                (a)    notifying the holder in any way agreed to by the holder;

               (b)    notifying the holder’s agent in any way agreed to by the agent.

         (2)   For paragraph 1017D (6) (c) of the Act, the following are ways of giving a periodic statement to a holder:

                (a)    making the periodic statement available to the holder in any way agreed to by the holder;

               (b)    making the periodic statement available to the holder’s agent in any way agreed to by the agent.

         (3)   For paragraph 1017DA (2) (c) of the Act, the following are ways in which information mentioned in subsection 1017DA (1) of the Act may be provided to a person:

                (a)    in writing;

               (b)    electronically;

                (c)    providing the information to the person in any way agreed to by the person;

               (d)    making the information available to the person’s agent in any way agreed to by the agent.

         (4)   If a provision of the Act or these Regulations imposes additional requirements in relation to a matter in subregulation (1), (2) or (3), the ways of notifying a holder, giving a periodic statement and providing information are subject to the requirements.

Note   Regulation 7.9.75B is an example of an additional requirement.

         (5)   For this regulation, a notification, a periodic statement or information may be given or sent to a person’s agent only if the agent is not acting as the person’s agent in one of the capacities mentioned in subsection 1015C (3) of the Act.

7.9.75B  Information in electronic form

         (1)   For:

                (a)    paragraph 1017B (3) (b) of the Act; and

               (b)    paragraph 1017D (6) (b) of the Act; and

                (c)    paragraph 1017DA (2) (c) of the Act;

a notification, statement or information that is to be given in electronic form must, as far as practicable, be presented in a way that will allow the person to whom it is given to keep a copy of it so that the person can have ready access to it in the future.

         (2)   A notification or statement that is to be given in electronic form must be presented in a way that clearly identifies the information that is part of the notification or statement.

[20]         Chapter 10, Part 10.2, after Division 5A

insert

Division 5B           Obligation to pay money into account

10.2.20B  Financial products quoted on Australian Stock Exchange Limited

         (1)   For section 1444 of the Act, this regulation applies in relation to a person that is:

                (a)    a regulated principal mentioned in item 1 of the table in section 1430 of the Act (including a person to whom
Part 7.6 of the old Corporations Act applies); and

               (b)    a participant of Australian Stock Exchange Limited.

         (2)   In addition to section 866 of the old Corporations Act, the regulated principal must:

                (a)    operate a special purpose interest-bearing trust account; and

               (b)    designate the account to be a Special Purpose Trust Account; and

                (c)    ensure that the Special Purpose Trust Account is:

                          (i)    with an Australian ADI; or

                         (ii)    of a kind mentioned in subregulation 7.8.01 (2).

         (3)   The regulated principal must withdraw from an account maintained for section 866 of the old Corporations Act an amount equal to two-thirds of:

                (a)    if the regulated principal maintains 2 or more accounts for that section — the lowest aggregate of the balances in the accounts during the 3 months ending on the quarter day last past; or

               (b)    if the regulated principal maintains 1 account for that section — the lowest balance in the account during the
3 months ending on the quarter day last past.

         (4)   Subject to subregulations (5) and (6), the regulated principal must:

                (a)    deposit the amount mentioned in subregulation (3) into the regulated principal’s Special Purpose Trust Account; and

               (b)    keep the amount on deposit.

         (5)   A deposit need not be lodged or kept for subregulation (4) if, apart from this subregulation, the amount of the deposit would be less than $3 000.

         (6)   If, because of subregulation (3), the amount of a deposit to be lodged and kept in the regulated principal’s Special Purpose Trust Account increases, the regulated principal must lodge the amount of the increase within 5 business days after the relevant quarter day that is the last day of the period by reference to which the amount required to be lodged is calculated.

         (7)   An amount deposited in the Special Purpose Trust Account under subregulation (4) is also taken to be monies held in an account maintained by the regulated principal for section 866 of the old Corporations Act.

         (8)   If money is held in an account under subregulation (4):

                (a)    the interest on the account is the income of SEGC; and

               (b)    the regulated principal must pay the interest to SEGC, less any amount paid in relation to account establishment fees, account keeping fees, government taxes or other duties.

Notes

1.       These Regulations amend Statutory Rules 2001 No. 193, as amended by 2001 Nos. 208, 318 and 319; 2002 Nos. 15, 16, 41 and 53.

2.       Notified in the Commonwealth of Australia Gazette on 14 June 2002.