Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.9.99

Interpretation

             (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.



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