(1) In this Division:
reporting day , in relation to a short position, means a day on which the Sydney office of ASIC is open for business.
Meaning of short position
(2) In this Division, a short position is a position in relation to a section 1020B product in a listed entity where the quantity of the product which a person has is less than the quantity of the product which the person has an obligation to deliver.
(3) In subregulation (2), the person has the product if:
(a) the person is holding the product on the person's own behalf; or
(b) another person is holding the product on the person's behalf; or
(c) the person has entered into an agreement to buy the product but has not received it; or
(d) the person has vested title in the product in a borrower, or in an entity nominated by the borrower, under a securities lending arrangement.
(4) In subregulation (2), the product which the person has an obligation to deliver is the product which the person:
(a) has an obligation to deliver under a sale agreement where the product has not been delivered; or
(b) has an obligation to vest title in a lender under a securities lending arrangement; or
(c) has any other non-contingent legal obligation to deliver.
References to time
(5) A reference in this Division to a time is a reference to the legal time in Sydney, New South Wales.