(1) In this Division:
"crossing" : a crossing of section 1020B products is a sale of section 1020B products made by a financial services licensee:
(a) on behalf of both the buyer and the seller of the products; or
(b) on behalf of the buyer of the products and on its own behalf as seller of the products; or
(c) on behalf of the seller of the products and on its own behalf as buyer of the products.
section 1020B products has the meaning given by subsection 1020B(1).
"securities lending arrangement" means an arrangement under which:
(a) one entity (the lender ) agrees that it will:
(i) deliver particular securities, managed investment products, foreign passport fund products or other financial products to another entity (the borrower ) or to an entity nominated by the borrower; and
(ii) vest title in those products in the entity to which they are delivered; and
(b) the borrower agrees that it will, after the lender does the things mentioned in paragraph (a):
(i) deliver the products (or equivalent products) to the lender or to an entity nominated by the lender; and
(ii) vest title in those products (or those equivalent products) in the entity to which they are delivered.
(2) To avoid doubt, for the purposes of this Division, treat the entering into of an agreement to sell section 1020B products as the sale of the products.
(3) To avoid doubt, for the purposes of this Division, treat a financial services licensee as making a sale on behalf of a person if the sale is, in economic substance, made by the licensee for the person.
Example: A request that the sale be made is passed from the person to the financial services licensee through a chain of intermediaries.
(4) For the purposes of this Division, treat a crossing of section 1020B products as being made on a licensed market.