ASIC Class Order [CO 02/312]

Part 7.11, Division 4 financial products for ASTC

This instrument has effect under s1075A(1) of the Corporations Act 2001.

This compilation was prepared on 28 October 2014 taking into account amendments up to [CO 14/829]. See the table at the end of this class order.

Prepared by the Australian Securities and Investments Commission.

Australian Securities and Investments Commission
Corporations Act 2001 — Subsection 1075A(1) — Declaration

Under subsection 1075A(1) of the Corporations Act 2001 (the “Act”) the Australian Securities and Investments Commission hereby declares that:

(a)   for the purposes of paragraph 7.11.03(1)(b) of the Corporations Regulations 2001 (the “Regulations”), each of the classes of financial products referred to in Schedule A is a financial product the transfer of which will be effected through ASX Settlement under the Regulations; and

(b)   Part 7.11 of the Act, and the regulations made for  the purposes of that Part, apply to the Division 4 financial products mentioned in Schedule B as if the provisions referred to in that Schedule were modified as specified in that Schedule.

SCHEDULE A — CLASSES OF FINANCIAL PRODUCT

1. Warrants that are:

(a) able to be traded on the financial market operated by ASX; or

(b) admitted to the AQUA Quote Display Board.

1A. Interests in a managed investment scheme that is not required to be registered under Chapter 5C of the Act because of an instrument made under section 601QA of the Act and that are:

(a) able to be traded on the financial market operated by ASX; or

(b) admitted to the AQUA Quote Display Board.

2     Shares in, or debentures of, a foreign company that are quoted on the financial market operated by ASX.

3     For the avoidance of doubt, shares and debentures quoted on the financial market operated by ASX that are issued by a body  referred to in section 1073C of the Act.

4.  Depository interests in relation to financial products held by CHESS Depositary Nominees Pty Limited in accordance with the operating rules of ASX Settlement.

SCHEDULE B — MODIFICATIONS

1     For the financial products referred to in paragraph 1 of Schedule A, omit subregulations 7.11.03(4) and (5).

2     For Division 4 financial products that are rights as  defined in subregulation 7.11.28(4) of the Regulations:

(a)   insert before subregulation 7.11.28(1) the following subregulation:

“(1A)     If a proper ASTC transfer of a Division 4 financial product that is a right takes effect at a particular time, the transferee is taken to have agreed at that time to accept the right subject to the terms and conditions on which the transferor held the right immediately before that time, being the terms and conditions that are applicable as between the issuer in relation to, and the holder for the time being of, the right.”

(b)   omit in subregulation 7.11.28(1) the words “takes effect at a particular time”, and substitute “has taken effect, and at that time or at a later time the transferee makes payment to the issuer in relation to the rights of the application money or, in the case of company options, the exercise price (the  payment time)”;

(c)   omit wherever appearing in subregulations 7.11.28(1), (2) and (3) the words “at that time”, and substitute “at the payment time”; and

(d)   insert in subregulation 7.11.28(4) before the definition of right:

“company option means a right that is an assignable option to acquire by way of issue shares or debentures in a company upon payment of an exercise price; and”.

Interpretation

In this instrument:

AQUA Quote Display Board has the meaning given by the operating rules of ASX;

ASX means ASX Limited;

ASX Settlement means ASX Settlement Pty Limited;

depositary interests means units of beneficial ownership in financial products of the following kind that are issued for the purpose of enabling the financial products to be recorded and transferred in accordance with the operating rules of ASX Settlement:

(a) securities issued by a foreign company; or

(b) foreign scheme products.

“foreign scheme product means a financial product that:

(a) is referred to in paragraph 764A(1)(ba) of the Act; and

(b) relates to a managed investment scheme which is:

(i) operated by a foreign company; and

(ii)  included in the official list of the financial market operated by ASX.

Commencement

This instrument takes effect on the commencement of Schedule 1 to the Financial Services Reform Act 2001.

Notes to ASIC Class Order [CO 02/312]

Note 1

ASIC Class Order [CO 02/312] (in force under s1075A(1) of the Corporations Act 2001) as shown in this compilation comprises that Class Order amended as indicated in the tables below.

Table of Instruments

Table of Amendments

ad. = added or inserted     am. = amended     rep. = repealed     rs. = repealed and substituted