20200325 - Draft ASIC Legislative Instrument Increasing 5 Day Limit

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Trading Suspensions Relief) Instrument 2020/289.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note: The register may be accessed at www.legislation.gov.au.

3 Authority

This instrument is made under subsections 741(1) and 1020F(1) of Corporations Act 2001.

4 Definitions

In this instrument:

Act means the Corporations Act 2001.

regulated person has the meaning given by section 1011B of the Act.

relevant product has the same meaning as in subsections 1012DAA(1) and 1012DA(1) of the Act.

relevant securities has the same meaning as in subsections 708AA(1) and 708A(1) of the Act.

Part 2—Declaration

5 Quoted securities: rights issues that do not need disclosure

(1) Chapter 6D of the Act applies to all persons as if paragraph 708AA(2)(c) of the Act were modified or varied by omitting “5 days” and substituting “10 days”.

(2) This section 5 applies in relation to an offer of relevant securities for issue in a class of securities on a prescribed financial market on which they are quoted where the relevant securities in the class of securities in relation to which trading in the class was not suspended for more than 5 days during the period commencing on the day that is 12 months before the day on which the offer is made and ending on 19 March 2020.

6 Quoted securities: sale offers that do not need disclosure

(1) Chapter 6D of the Act applies to all persons as if paragraph 708A(5)(b) of the Act were modified or varied by omitting “5 days” and substituting “10 days”.

(2) This section 6 applies in relation to a sale offer of relevant securities in a class of securities on a prescribed financial market on which they are quoted where the relevant securities in the class of securities in relation to which trading in the class was not suspended for more than 5 days during the period commencing on the day that is 12 months before the day on which the relevant securities were issued and ending on 19 March 2020.

7 Quoted financial products: rights issues for which a Product Disclosure Statement is not required

(1) Part 7.9 of the Act applies in relation to regulated persons as if paragraph 1012DAA(2)(c) of the Act were modified or varied by omitting “5 days” and substituting “10 days”.

(2) This section 7 applies in relation to an offer of a relevant product for issue in a class of financial products on a prescribed financial market on which they are quoted where the relevant product in the class of financial products in relation to which trading in the class was not suspended for more than 5 days during the period commencing on the day that is 12 months before the day on which the offer is made and ending on 19 March 2020.

8 Quoted financial products: Product Disclosure Statement not required for sale amounting to indirect issue

(1) Part 7.9 of the Act applies in relation to regulated persons as if paragraph 1012DA(5)(b) of the Act were modified or varied by omitting “5 days” and substituting “10 days”.

(2) This section 8 applies in relation to a sale offer of a relevant product in a class of financial products on a prescribed financial market on which they are quoted where the relevant product in the class of financial products in relation to which trading in the class was not suspended for more than 5 days during the period commencing on the day that is 12 months before the day on which the relevant product was issued and ending on 19 March 2020.