Corporations Regulations (Amendment) (Cth)

Statutory Rules 1992

No. 450 1

__________________

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 22 December 1992.

 

 BILL HAYDEN

 Governor-General

 By His Excellency’s Command,

  

michael duffy

Attorney-General

____________

1.   Amendment

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

[NOTE: These Regulations commence on gazettal: see Acts Interpretation Act 1901, s. 48.]

2.   New regulation 7.3.01a

2.1  After regulation 7.3.01, insert:

Exemptions from Chapter 7 of the Corporations Law

“7.3.01a. (1) Divisions 1 and 3 of Part 7.3, Parts 7.5, 7.6 and 7.7 and section 842 of the Corporations Law do not have effect in relation to a dealing in securities by the Exchange or an Exchange subsidiary for the purpose of, or in connection with, providing a facility:

• (a)

  under the Exchange’s transfer delivery service provisions as defined in subsection 920 (1) of the Corporations Law; or

• (b)

  for the provision of a guaranteed securities loan as defined in subsection 954b (1) of the Corporations Law; or

• (c)

  under the provisions of business rules of a kind referred to in paragraphs 954n (1) (a) and (b) or 954p (1) (a) and (b) of the Corporations Law.

“(2)

Section 806 and Part 7.7 of the Corporations Law do not have effect in relation to an act carried out by:

• (a)

  an employee of the Exchange or an Exchange subsidiary; or

• (b)

  a person acting for the Exchange or an Exchange subsidiary; or

• (c)

  a person acting under an agreement with the Exchange or an Exchange subsidiary;

for the purposes of a dealing in securities of a kind referred to in subregulation (1).”.

3.   Regulation 7.12.01 (Interpretation)

3.1   After the definition of “book value”, insert:

“ ‘cash common fund’ means a fund that:

• (a)

  is established in accordance with the law of a State or Territory; and

• (b)

  is operated by an authorised trustee corporation; and

• (c)

  may be invested only in one or more of the following investments:

  • (i)

    fixed interest investments authorised by the trust deed relating to the fund;

  • (ii)

    negotiable instruments authorised by the trust deed;

  • (iii)

    investments authorised by the law (if any) of the relevant State or Territory providing for the investment of cash common funds;

‘cash common fund interest’ means a prescribed interest in a cash common fund for which there is in force an approved deed for the purposes of Division 5 of Part 7.12 of the Corporations Law;”.

4. Regulation 7.12.06 (Excluded offers or invitations: paragraph 66 (3) (k) of the Corporations Law)

4.1   Add at the end:

• “;(k)

  an offer or invitation to holders of cash common fund interests in a cash common fund to subscribe for additional cash common fund interests in the fund.”.

____________________________________________________________

NOTES

1. Notified in the Commonwealth of Australia Gazette on 24 December 1992.

2. Statutory Rules 1990 No. 455 amended by 1991 Nos. 218, 219, 281, 453, 478 and 479; 1992 Nos. 230, 281, 364 and 395.