Corporations Regulations (Amendment) (Cth)
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I, The Governor-General of the Commonwealth of Australia, acting with the advice
of the Federal Executive Council, make the following Regulations under the
Dated 29 January 1996.
BILL HAYDEN
Governor-General
By His Excellency’s Command,
R. McMULLAN
Minister for Trade
for the
Attorney-General
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1.1 The Corporations Regulations are amended as set out in these Regulations.
[NOTE: These Regulations commence on gazettal: see
2.1 After regulation 1.2.11, insert:
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(a) at a particular future time; and
(b) for a particular price, or a price to be calculated in a particular manner.
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(a) whether or not the subject matter of the agreement is in existence; and
(b) whether or not the agreement has any other effect; and
(c) whether or not the agreement is capable of being varied or discharged before that future time; and
(d) where it appears likely at the time the agreement is entered into, having regard to all relevant circumstances (other than the respective intentions of the person in the sold position, and the person in the bought position, under the agreement), that:
(i) the Chapter 8 obligation of the person in the sold position under the agreement to transfer bonds in accordance with that agreement will be discharged otherwise than by the person effecting the transfer; or
(ii) the Chapter 8 obligation of the person in the bought position under the agreement to accept transfer of the bonds in accordance with that agreement will be discharged otherwise than by the person accepting the transfer; or
(iii) the person in the sold position, or bought position, under the agreement will assume an offsetting bought position, or offsetting sold position, as the case may be, under another agreement of the same kind; and
(e) whether the Chapter 8 obligation of a person in the sold position under the agreement to transfer bonds in accordance with that agreement is discharged by that person, or another person, effecting the transfer; and
(f) whether or not the Chapter 8 obligation referred to in paragraph (e) is discharged by the novation of a chose in action; and
(g) whether or not a person in the bought position under the agreement receives a proprietary interest in a particular bond.
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(a) by omitting the definition of
‘bought position’ and substituting:‘
“bought position” , in relation to a deliverable bond futures contract,means the position where, under the contract, a person has a Chapter 8 obligation to accept a transfer of a particular quantity of 3 year, or 10 year, Treasury bonds, or a chose in action representing the bonds, in accordance with the contract;’; and
(b) by omitting the definition of ‘sold position’ and substituting:
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“sold position” , in relation to a deliverable bond futures contract,means the position where, under the contract, a person has a Chapter 8 obligation to transfer a particular quantity of 3 year, or 10 year, Treasury bonds, or a chose in action representing the bonds, in accordance with the contract;’.
[NOTE: For the definitions of other terms used in this Division, see section 9 of the Corporations Law.]
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(a) a futures option over a deliverable bond futures contract is an option, or a Chapter 8 right, to assume a bought position, or a sold position, in relation to the contract:
(i) at a specified price or value; and
(ii) within a specified period; and
(b) ‘deliverable bond futures contract’ has the same meaning as in Division 2 of this Part.
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[NOTE: For the definitions of terms used in this Division, see section 9 of the Corporations Law.]
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(a) at a particular future time; and
(b) for a particular price, or a price to be calculated in a particular manner.
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(a) whether or not the subject matter of the agreement is in existence; and
(b) whether or not the agreement has any other effect; and
(c) whether or not the agreement is capable of being varied or discharged before that future time; and
(d) where it appears likely at the time the agreement is entered into, having regard to all relevant circumstances (other than the respective intentions of the person in the sold position, and the person in the bought position, under the agreement), that:
(i) the Chapter 8 obligation of the person in the sold position under the agreement to transfer shares in accordance with that agreement will be discharged otherwise than by the person effecting the transfer; or
(ii) the Chapter 8 obligation of the person in the bought position under the agreement to accept transfer of the shares in accordance with that agreement will be discharged otherwise than by the person accepting the transfer; or
(iii) the person in the sold position, or bought position, under the agreement will assume an offsetting bought position, or offsetting sold position, as the case may be, under another agreement of the same kind; and
(e) whether the Chapter 8 obligation of a person in the sold position under the agreement to transfer shares in accordance with that agreement is discharged by that person, or another person, effecting the transfer.
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[NOTE: For example, it is intended that if a dealer fraudulently or negligently uses shares held for a client to settle another client’s deliverable share futures contract, the first-mentioned client may make a claim under Part 7.10.]
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(a) by omitting the definition of
‘bought position’ and substituting:‘
“bought position” , in relation to a deliverable share futures contract,means the position where, under the contract, a person has a Chapter 8 obligation to accept a transfer of shares in accordance with the contract;’; and
(b) by omitting the definition of ‘sold position’ and substituting:
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“sold position” , in relation to a deliverable share futures contract,means the position where, under the contract, a person has a Chapter 8 obligation to transfer shares in accordance with the contract;’.
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[NOTE: For the definitions of other terms used in this Division, see section 9 of the Corporations Law.]
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(a) a futures option over a deliverable share futures contract is an option, or a Chapter 8 right, to assume a bought position, or a sold position, in relation to the contract:
(i) at a specified price or value; and
(ii) within a specified period; and
(b) ‘deliverable share futures contract’ has the same meaning as in Division 4 of this Part.
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[NOTE: For the definitions of terms used in this Division, see section 9 of the Corporations Law.]”.
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1. Notified in the
Commonwealth of Australia Gazette on 5 February 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 and 345.
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