Corporations Regulations (Amendment) (Cth)

Statutory Rules 1996

No. 90 1

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Corporations 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 Corporations Act 1989.

Dated 29 May 1996.

 

 WILLIAM DEANE

 Governor-General

By His Excellency’s Command,

  

BRIAN GIBSON

Parliamentary Secretary to the Treasurer

for the Treasurer

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1.   Commencement

1.1   Regulation 3 commences on 1 July 1996.

[NOTE:

 The remainder of these Regulations commence on gazettal: see Acts Interpretation Act 1901, s. 48.]

2.   Amendment

2.1   The Corporations Regulations are amended as set out in these Regulations.

3.   Regulation 1.2A.01 (Securities declared not to be ED securities)

3.1 Paragraph (a):

Omit “Listing Rule 1B of”.

3.2 Paragraph (a):

Omit “foreign company”, substitute “foreign entity”.

4. Regulation 7.3.01A (Exemptions from Chapter 7 of the Corporations Law)

4.1   Omit “an Exchange subsidiary” (wherever occurring), substitute “a subsidiary of the Exchange”.

5.   New regulation 8.4.01A

5.1   After regulation 8.4.01 insert:

Which futures broker to comply with subsection 1206 (1) of the Corporations Law in relation to certain transactions?

 “8.4.01A.(1) This regulation applies in relation to a transaction described in subsection 1206 (1) of the Corporations Law if, on behalf of the person acquiring or disposing of the futures contract, more than one futures broker enters into the transaction.

 “(2)If the person has instructed a broker to allocate a dealing in the transaction to another broker, subsection 1206 (1) of the Corporations Law does not apply, except to the broker who last deals in the transaction.

 “(3)In circumstances other than those described in subregulation (2), subsection 1206 (1) of the Corporations Law does not apply, except to the broker whom the client has instructed to enter the transaction.”.

6.   New regulation 8.4.03A

6.1   After regulation 8.4.03, insert:

Which futures broker to comply with subsection 1207 (1) of the Corporations Law in relation to certain transactions?

 “8.4.03A.(1)This regulation applies in relation to a transaction described in paragraph 1207 (1) (b) of the Corporations Law if, on behalf of the client who acquired the futures contract, more than one futures broker entered into the transaction.

 “(2)If the person has instructed a broker to allocate a dealing in the transaction to another broker, subsection 1207 (1) of the Corporations Law does not apply, except to the broker who last deals in the transaction.

 “(3)In circumstances other than those described in subregulation (2), subsection 1207 (1) of the Corporations Law does not apply, except to the broker whom the client has instructed to enter the transaction.”.

7.   Schedule 1 (List of forms in Schedule 2)

7.1   After item 127A, insert:

“127B Subsection 961E (4) Notice calling for claims against Securities Exchanges Guarantee Corporation 719B”.

8.   Schedule 2 (Forms)

8.1   After Form 719A, insert:

 “FORM 719BSubsection 961E (4)

Corporations Law

NOTICE CALLING FOR CLAIMS AGAINST

SECURITIES EXCHANGES GUARANTEE CORPORATION

This notice relates to claims for pecuniary loss suffered in respect of a contravention of the SCH certificate cancellation provisions by [insert name of dealer who is claimed to have contravened SCH certificate cancellation provisions] (in this notice called ‘the dealer’) *formerly carrying on business/ *carrying on business at [insert business address of the dealer].

A person wishing to make a claim under subsection 961D (1) of the Corporations Law for pecuniary loss suffered in respect of a contravention by the dealer of the SCH certificate cancellation provisions during the period beginning on

         19 and ending on                          19   [insert dates] is required to serve the claim on:

Securities Exchanges Guarantee Corporation

[insert address including relevant State or Territory and postcode]

The claim must be made in writing and served on or before the end of [date] 19 .[specify last application day—at least 3 months after last day of publication of notice]

[NOTES:

1. Under subsection 961E (3) of the Law, a claim that is not served before the end of the day specified will be barred, unless the Board of the Securities Exchanges Guarantee Corporation (‘SEGC’) otherwise determines.

2. Section 961D of the Law provides that a person who suffers pecuniary loss in respect of a contravention, by a dealer, of the SCH certificate cancellation provisions may make a claim in respect of the loss. SCH certificate cancellation provisions are provisions of the SCH business rules that deal with brokers cancelling certificates or other documents of title to quoted securities or quoted rights or with matters incidental to that function.]

The claim must be made under the Corporations Law of the State or Territory in which:

• (a)

  the dealer was carrying on a securities business on the day of the contravention; or

• (b)

  the dealer last carried on a securities business before that day.

A person may not make a claim under section 961D of the Law if:

• (a)

  the loss is in respect of an unauthorised execution (within the meaning of section 956 of the Law) in respect of which the person has made, or is entitled to make, a claim under Division 7 of Part 7.10 of the Law; or

• (b)

  the person was involved in the contravention of the SCH certificate cancellation provisions.

[signature of an officer of the SEGC]

for the Securities Exchanges

Guarantee Corporation

[add the date of signature]

   

*omit if not applicable”.

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NOTES

1. Notified in the Commonwealth of Australia Gazette on 5 June 1996.

2. Statutory Rules 1990 No. 455 as amended by 1991 Nos. 218, 219, 281, 341, 453, 478 and 479; Act No. 200, 1991; Statutory Rules 1992 Nos. 230, 281, 364, 395 and 450; 1993 Nos. 135, 207 and 277; 1994 Nos. 35, 108, 153, 221, 251, 302 and 430; 1995 Nos. 222, 344, 345 and 398; 1996 Nos. 26, 51 and 55.