(1) This regulation applies if a person authorises a participant to enter into a transaction involving the disposal of a Division 4 financial product (for example, a sale).
(2) The person is taken to have authorised the participant to effect any proper ASTC transfer of the Division 4 financial product that the participant effects, whether or not the transfer has any connection with the transaction.
Note: The transfer may have no connection with the transaction because of the operation of the provisions of the ASTC operating rules mentioned in subregulation 7.5.41(1).
(3) The authority that the person is taken by subregulation (2) to have given:
(a) is revoked if, before the transaction is entered into, the authority to enter into the transaction is revoked or otherwise ceases to have effect; and
(b) cannot otherwise be revoked.
(4) If the person dies after the transaction is entered into, the authority:
(a) continues in force, despite the person's death, as if the person were still alive; and
(b) cannot be revoked.
(a) the authority mentioned in subregulations (1) and (2) is given to a participant mentioned in paragraph (b) of the definition of participant in section 761A of the Act (the transacting participant ); and
(b) under the market licensee's operating rules, a participant mentioned in paragraph (a) of the definition of participant in section 761A of the Act (the clearing participant ) has the function of completing the relevant transaction;
the clearing participant has the same authority as the transacting participant has under subregulations (1) and (2).