Banks (Shareholdings) Regulations (Amendment) (Cth)

Statutory Rules 1991 No. 92 1

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Banks (Shareholdings) Regulations 2(Amendment)

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Banks (Shareholdings) Act 1972.

 Dated 29 April 1991.

 BILL HAYDEN

 Governor-General

 By His Excellency’s Command,

PAUL KEATING

Treasurer

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1.   Amendment

1.1   The Banks (Shareholdings) Regulations are amended as set out in these Regulations.

2.   Regulation 2 (Interpretation)

2.1   Omit the regulation, substitute:

Interpretation

“2.

In these Regulations:

‘broker’ means a person who is a member of the Australian Stock Exchange Limited;

‘insurer’ means a body corporate:

• (a)

  authorised under the Insurance Act 1973 to carry on insurance business; or

 (b) registered under the Life Insurance Act 1945;

‘the Act’ means the Banks (Shareholdings) Act 1972.”.

3.   New regulations 5 and 6

3.1   After regulation 4, insert:

Prescribed classes of persons and prescribed interests—paragraph 8 (9) (d) of the Act (brokers)

“5.

(1)  For the purposes of paragraph 8 (9) (d) of the Act:

• (a)

  brokers comprise a prescribed class of persons; and

• (b)

  any interest:

   (i) that a broker has in voting shares of the Commonwealth Bank in relation to which the broker acts as principal; and

   (ii) that, but for this regulation, would have the effect that a banking entity would have an interest referred to in subsection 10A (1) of the Act in voting shares of the Bank whose aggregate nominal amount does not exceed 0.5% of the aggregate of the nominal amounts of all the voting shares of the Bank;

   is a prescribed interest; and

• (c)

  any interest:

   (i) that a broker has in voting shares of the Bank in relation to which the broker acts as an agent; and

   (ii) that, but for this regulation, would have the effect that a banking entity would have an interest referred to in subsection 10A (1) of the Act in voting shares of the Bank whose aggregate nominal amount does not exceed 5% of the aggregate of the nominal amounts of all the voting shares of the Bank;

   is a prescribed interest.

Prescribed classes of persons and prescribed interests—paragraph 8 (9) (d) of the Act (certain underwriters)

“6.

(1)  In this regulation:

‘sub-underwriter’, in relation to an issue of shares, means a person who is a party to an agreement with an underwriter that obliges the first-mentioned person to subscribe for any of the shares in circumstances specified in the agreement;

‘underwriter’, in relation to an issue of shares, means a person who is a party to an agreement with the company issuing the shares that includes a provision obliging the person to subscribe for any of the shares in the event of a shortfall in public subscriptions below an amount specified in the agreement.

“(2)

For the purposes of paragraph 8 (9) (d) of the Act:

 (a) persons who are both:

 (i) underwriters or sub-underwriters in relation to the issue of shares by the Commonwealth Bank under its first registered prospectus; and

 (ii) brokers or insurers;

 constitute a prescribed class of persons; and

• (b)

  any interest:

   (i) that a person referred to in paragraph (a) has in voting shares of the Commonwealth Bank in the course of, or arising out of, underwriting that issue; and

   (ii) that, but for this regulation, would have the effect that a banking entity would have, in contravention of subsection 10A (1) of the Act, an interest in voting shares of the Commonwealth Bank;

   is a prescribed interest.

“(3)

This regulation ceases to have effect on 1 July 1992.”.

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NOTES

1. Notified in the Commonwealth of Australia Gazette on 6 May 1991.

 

2. Statutory Rules 1985 No. 67 as amended by 1985 Nos. 233, 263, 299, 311, 336, 337, 338 and 376; 1986 Nos. 10, 11, 12, 13, 21, 23, 24, 44, 92, 107 and 116; 1987 Nos. 26, 126, 127 and 208; 1988 Nos. 323 and 379; 1989 Nos. 4 and 64; 1990 Nos. 345 and 469; 1991 Nos. 21 and 57.