Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) A sale and purchase of securities are taken to consist of 2 distinct transactions:
(a) the sale of the securities by the seller to the buyer; and
(b) the purchase of the securities by the buyer from the seller.
(2) Except so far as the contrary intention appears, a reference in this Part to a sale, or to a purchase, includes a reference to a sale or purchase the agreement for which is made outside this jurisdiction.
(3) For this Part, an agreement to buy or sell securities, because of the exercise of an option contract over securities, if:
(a) the option contract was entered into on the financial market of a participating market licensee; and
(b) the agreement is required, by the operating rules of ACH or the participating market licensee, to be reported to the participating market licensee;
is taken to be a sale and purchase of securities .