Australian Securities and Investments Commission
Corporations Act 2001 — Subsection 1020F(1) — Variation

Enabling legislation

1. The Australian Securities and Investments Commission makes this instrument under subsection 1020F(1) of the Corporations Act 2001 (the Act).

Title

2. This instrument is ASIC Class Order [CO 09/01052].

Commencement

3. The provisions of this instrument commence as follows:

(a) paragraphs 1 to 3 commence on the day the instrument is registered under the Legislative Instruments Act 2003;

(b) paragraph 4 commences on the commencement of Schedule 2 to the Corporations Amendment (Short Selling) Act 2008.

Note: An instrument is registered when it is recorded on the Federal Register of Legislative Instruments (FRLI) in electronic form: see Legislative Instruments Act 2003, s 4 (definition of register).  The FRLI may be accessed at http://www.frli.gov.au/.

Variation

4. Notional section 1020BC of the Act as set out in paragraph 4 of ASIC Class Order [CO 08/751] is varied as follows:

(a) in subsection (6) omit the definition of short sale and the note under that definition, substitute:

“short sale means a sale of section 1020B products where both of the following are satisfied:

(a) at the time of the sale, the person making the sale has or, if the person is selling on behalf of another person, that other person has, a presently exercisable and unconditional right to vest the products in the buyer because of a securities lending arrangement entered into before that time;

(b) subsection 1020BD(1A) applies to the sale whether or not any of subsections 1020BD(2) to (6) also apply to the sale.”;

(b) omit subsection (7).

Dated this 5th day of January 2009

Signed by Camille Blackburn
as a delegate of the Australian Securities and Investments Commission