ASIC Corporations (Amendment) Instrument 2017/571
I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.
Grant Moodie
ASIC Corporations (Amendment) Instrument 2017/571
I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.
Grant Moodie
Contents
1 Name of legislative instrument
ASIC Corporations (Division 4 Financial Products) Instrument 2015/1030
1 Name of legislative instrument
This is the ASIC Corporations (Amendment) Instrument 2017/571.
This instrument commences on the day after it is registered on the Federal Register of Legislation.
Note: The register may be accessed at www.legislation.gov.au.
This instrument is made under subsection 1075A(1) of the Corporations Act 2001.
Each instrument that is specified in a Schedule to this instrument is amended as set out in the applicable items in the Schedule.
ASIC Corporations (Division 4 Financial Products) Instrument 2015/1030
1 Section 4 (definitions)
Insert in the appropriate alphabetical order the following definitions:
foreign quoted shares, in relation to transferable custody receipts, means shares of a foreign company that is listed on the New York Stock Exchange, NASDAQ Global Market or NASDAQ Global Select Market, where the shares are in a class of shares that are able to be traded on at least one of those financial markets.
transferable custody receipts means units of beneficial ownership in foreign quoted shares where the units:
(a) arise from a custodial and sub-custodial arrangement under which:
(i) a custodian holds, directly or indirectly, the foreign quoted shares on behalf of, or in trust for, a financial services licensee that holds an Australian financial services licence that covers the provision of a custodial or depository service; and
(ii) the financial services licensee holds their equitable rights or interests in the shares arising from the custodial arrangement mentioned in subparagraph (i) on behalf of, or in trust for, a person; and
(b) are issued without the involvement of the issuer of the foreign quoted shares; and
(c) are able to be traded on the financial market operated by Chi-X.
2 Section 4 (definition of eligible products)
After paragraph (d) insert:
(da) transferable custody receipts;
3 Subsection 5(1) (notional subsection 1074BB(1) of the Act)
After paragraph (d) insert:
(da) transferable custody receipts;
4 Subsection 5(1) (notional subsection 1074BB(2) of the Act)
Insert in the appropriate alphabetical order the following definitions:
foreign quoted shares, in relation to transferable custody receipts, means shares of a foreign company that is listed on the New York Stock Exchange, NASDAQ Global Market or NASDAQ Global Select Market, where the shares are in a class of shares that are able to be traded on at least one of those financial markets.
transferable custody receipts means units of beneficial ownership in foreign quoted shares where the units:
(a) arise from a custodial and sub-custodial arrangement under which:
(i) a custodian holds, directly or indirectly, the foreign quoted shares on behalf of, or in trust for, a financial services licensee that holds an Australian financial services licence that covers the provision of a custodial or depository service; and
(ii) the financial services licensee holds their equitable rights or interests in the shares arising from the custodial arrangement mentioned in subparagraph (i) on behalf of, or in trust for, a person; and
(b) are issued without the involvement of the issuer of the foreign quoted shares; and
(c) are able to be traded on the financial market operated by Chi-X Australia Pty Ltd.
5 Subsection 5(2) (heading)
Omit “Warrants”, substitute “Transferable custody receipts and warrants”
6 Subsection 5(2)
Before paragraph (a) insert:
(aa) transferable custody receipts;
7 Paragraph 5(2)(a)
Omit “ASX Limited or Chi-X Australia Pty Ltd”, substitute “ASX or Chi-X”.