{"id":"F2021L01333","name":"ASIC Corporations (Securities Lending Arrangements) Instrument 2021/821","slug":"asic-corporations-securities-lending-arrangements-instrument-2021-821","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":441010,"registerId":"F2021L01333-fast-fetch-1775956444138","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Securities Lending Arrangements) Instrument 2021/821","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\ntitle: ASIC Template (Principal Legislative Instruments - Jan 2019)\n---\n\n![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (Securities Lending Arrangements) Instrument 2021/821\n\nI, Anthony Graham, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\n \n\nDate 27 September 2021\n\n \n\n \n\n \n\nAnthony Graham\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc83647162)\n\n[1 Name of legislative instrument](#_Toc83647163)\n\n[2 Commencement](#_Toc83647164)\n\n[3 Repeal](#_Toc83647165)\n\n[4 Authority](#_Toc83647166)\n\n[5 Definitions](#_Toc83647167)\n\n[Part 2—Declaration](#_Toc83647168)\n\n[6 Securities lending—relevant interests](#_Toc83647169)\n\n[7 Securities lending—situations not giving rise to relevant interests](#_Toc83647170)\n\n[8 Securities lending—substantial holding information](#_Toc83647171)\n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Securities Lending Arrangements) Instrument 2021/821.\n\n2 Commencement\n\nThis instrument commences on the day after it is registered on the Federal Register of Legislation.\n\nNote: The register may be accessed at [www.legislation.gov.au](http://www.legislation.gov.au).\n\n3 Repeal\n\nThis instrument is repealed on 1 October 2026.\n\n4 Authority\n\nThis instrument is made under subsection 673(1) of the Corporations Act 2001.\n\n5 Definitions\n\nIn this instrument:\n\nAct means the Corporations Act 2001.\n\nPart 2—Declaration\n\n6 Securities lending—relevant interests\n\nPart 6C.1 of the Act applies to all persons as if section 608 were modified or varied by, after subsection (8), inserting:\n\n“Securities lending arrangements\n\n(8A) If securities are subject to:\n\n(a) an arrangement (the securities lending arrangement) under which:\n\n(i) one entity (the lender) agrees that it will:\n\n(A) deliver the securities to another entity (the borrower) or to an entity nominated by the borrower; and\n\n(B) vest title in those securities in the entity to which they are delivered; and\n\n(ii) the borrower agrees that it will, after the lender does the things mentioned in subparagraph (i):\n\n(A) deliver the securities (or equivalent securities) to the lender or to an entity nominated by the lender; and\n\n(B) vest title in those securities (or those equivalent securities) in the entity to which they are delivered; or\n\n(b) an arrangement (the securities lending arrangement) under which:\n\n(i) the securities are held by one entity (the borrower) or an entity nominated by the borrower, on behalf of another entity (the lender); and\n\n(ii) the lender agrees that the borrower may deal in the securities on its own behalf or on behalf of a person; and\n\n(iii) the borrower agrees that it will at some future time:\n\n(A) deliver the securities (or equivalent securities) to the lender or to an entity nominated by the lender; and\n\n(B) vest title in those securities (or those equivalent securities) in the entity to which they are delivered;\n\nand the securities are subsequently disposed of by the borrower or an entity nominated by the borrower, resulting in that entity ceasing to have a relevant interest in the securities, the lender of the securities under the securities lending arrangement is taken to have a relevant interest in the securities (or equivalent securities) that the borrower has agreed to deliver to, and vest title in, the lender or an entity nominated by the lender.\n\n(8B) If:\n\n(a) an agent lender is authorised under an authorisation agreement to act on behalf of a lender in relation to a securities lending arrangement between the lender and a borrower; and\n\n(b) in the case of a securities lending arrangement referred to in paragraph (8A)(a)—the agent lender, acting under the authorisation agreement, delivers and vests title in securities the subject of the securities lending arrangement to the borrower or an entity nominated by the borrower; and\n\n(c) the securities are subsequently disposed of by the borrower or an entity nominated by the borrower, resulting in that entity ceasing to have a relevant interest in the securities;\n\nthe agent lender is taken to have a relevant interest in the securities (or equivalent securities) that the borrower has agreed to deliver to, and vest title in, the lender or an entity nominated by the lender.\n\n(8C) In subsection (8B):\n\nagent lender: see the definition of authorisation agreement.\n\nauthorisation agreement means an agreement between a lender and another entity (agent lender) under which the lender authorises the agent lender to act on the lender’s behalf in relation to securities lending arrangements, including by:\n\n(a) negotiating and arranging securities lending arrangements for the lender with a borrower (which may be the agent lender itself acting in the capacity as borrower under a securities lending arrangement); and\n\n(b) transferring securities held by or on behalf of the lender to the borrower on the terms of a securities lending arrangement without giving further notice of such transfer to the lender; and\n\n(c) terminating securities lending arrangements (including without prior instructions from the lender).\n\nborrower the same meaning as in paragraphs 608(8A)(a) and (b).\n\nlender has the same meaning as in paragraphs 608(8A)(a) and (b).\n\nsecurities lending arrangement has the same meaning as in paragraphs 608(8A)(a) and (b).”.\n\n7 Securities lending—situations not giving rise to relevant interests\n\nPart 6C.1 of the Act applies to all persons as if section 609 were modified or varied by, after subsection (10), inserting:\n\n“Securities lending arrangements\n\n (10A)  A service provider does not have a relevant interest in securities under subsection 608(8) merely because, in the course of providing services to a person as part of carrying on a prime broking business or custodial business, the person has, under a securities lending arrangement, given to the provider:\n\n(a) where the provider or an entity nominated by the provider holds the securities on behalf of the person or an entity nominated by the person—a present right (borrowing right) to, at some future time, deal in the securities on its own behalf or on behalf of a person;\n\n(b) otherwise—a present right (borrowing right) to, at some future time, have the securities held by or on behalf of the person delivered to the provider or an entity nominated by the provider and to have the title in those securities vested in the entity to which they are delivered;\n\nprovided both of the following are satisfied:\n\n(c) the person is not subject to any restriction (other than a permissible restriction) by or under any relevant agreement between the person and the provider or an associate of the provider in how it can deal with the securities in respect of which the borrowing right is given;\n\n(d) the borrowing right is acquired by the provider as part of a bona fide arrangement entered into in the ordinary course of carrying on that business.\n\n(10B)  For the avoidance of doubt, subsection (10A) stops applying in respect of particular securities when the service provider exercises the borrowing right in respect of those securities.\n\n(10C)  An agent lender does not have a relevant interest in securities under subsection 608(8) merely because the agent lender has been given the rights (the lending authority) referred to in paragraphs (a) and (b) of the definition of authorisation agreement to act on behalf of a lender, provided both of the following are satisfied:\n\n(a) the lender is not subject to any restriction (other than a permissible restriction) by or under any relevant agreement between the lender and the agent lender or an associate of the agent lender in how it can deal with the securities in respect of which the lending authority is given;\n\n(b) the lending authority is given to the agent lender as part of a bona fide authorisation agreement entered into in the ordinary course of carrying on an agency lending business.\n\n(10D) For the avoidance of doubt:\n\n(a) in subsection (10C), the borrower under a securities lending arrangement entered into pursuant to the authorisation agreement may be the agent lender itself acting in the capacity as borrower under the securities lending arrangement; and\n\n(b) subsection (10C) stops applying in respect of particular securities when the agent lender transfers the securities to the borrower.\n\n(10E) In subsections (10A) to (10D) and in this subsection:\n\nagency lending business means a business of acting as an agent lender for wholesale clients under authorisation agreements.  \n\nagent lender has the same meaning as in subsection 608(8C).\n\nauthorisation agreement has the same meaning as in subsection 608(8C).\n\nborrower the same meaning as in paragraphs 608(8A)(a) and (b).\n\ncustodial business means a business of providing to wholesale clients a package of at least the following financial services and other services:\n\n(a) custodial or depository services;\n\n(b) services in relation to a securities lending arrangement.\n\ncustodial or depository service has the meaning given by subsection 766E(1).\n\nlender has the same meaning as in paragraphs 608(8A)(a) and (b).\n\npermissible restriction means:\n\n(a) a mortgage, charge or security taken or acquired in relation to the securities in the ordinary course of carrying on a prime broking business, a custodial business or an agency lending business and on ordinary commercial terms; or\n\n(b) any restrictions of a procedural or administrative nature in relation to giving instructions to the service provider for dealing in the securities.\n\nprime broking business means a business of providing to wholesale clients a package of at least the following services in accordance with a written agreement commonly known as a prime broking agreement or prime brokerage agreement:\n\n(a) dealing in a financial product to the extent the dealing is acquiring or disposing of the financial product, or arranging for another person to acquire or dispose of the financial product;\n\n(b) services that enable or facilitate clients to meet their obligations to other persons that arise from entering into transactions with those other persons in connection with the acquisitions and disposals mentioned in paragraph (a);\n\n(c) custodial or depository services;\n\n(d) services in relation to a securities lending arrangement;\n\n(e) consolidated reporting and other operational support services.\n\nsecurities lending arrangement has the same meaning as in paragraphs 608(8A)(a) and (b).\n\nservice provider means a person who carries on any or all of the following:\n\n(a) a custodial business;\n\n(b) a prime broking business;\n\n(c) an agency lending business.\n\nwholesale client has the meaning given by section 761G. ”.\n\nNote: For the avoidance of doubt, nothing in sections 6 and 7 of this instrument has effect for the purposes of Chapter 6 or Part 6C.2 of the Act.\n\n8 Securities lending—substantial holding information\n\nChapter 6C of the Act applies to all persons as if section 671B were modified or varied as follows:\n\n(1) after subsection (3) insert:\n\n“Information that need not be given\n\n(3A) Where a relevant interest in voting shares in the company or interests in the scheme arises, changes or ceases because of either:\n\n(a) a securities lending arrangement; or\n\n(b) the terms of an authorisation given under an authorisation agreement by a lender to a person to act on behalf of the lender in relation to a securities lending arrangement between the lender and a borrower;\n\ninformation about the consideration paid in relation to the relevant interest does not need to be given.”;\n\n(2) after subsection (4) insert:\n\n“Information that need not be accompanied by certain securities lending arrangements\n\n(4A) Where a securities lending arrangement contributed to the situation giving rise to the person needing to provide the information, the information need not be accompanied by a copy of any master securities lending agreement, provided the information is accompanied by:\n\n(a) a statement by the person giving full and accurate details of the following matters in relation to the securities lending arrangement:\n\n(i) the type of agreement;\n\n(ii) the parties to the agreement;\n\n(iii) the circumstances in which the parties can exercise the voting rights attached to the securities;\n\n(iv) the date the securities were or are expected to be delivered by the lender to the borrower or the entity nominated by the borrower;\n\n(v) the scheduled date (if any) the securities (or equivalent securities) are expected to be delivered by the borrower to the lender or to an entity nominated by the lender;\n\n(vi) whether the borrower has a right to deliver the securities (or equivalent securities) to the lender or to an entity nominated by the lender earlier than the scheduled date (if any) and, if so, the circumstances in which this right can be exercised;\n\n(vii) whether the lender has a right to require the borrower to deliver the securities (or equivalent securities) to the lender or to an entity nominated by the lender earlier than the scheduled date (if any) and, if so, the circumstances in which this right can be exercised;\n\n(viii) the circumstances (if any) under which the borrower is not required to deliver the securities (or equivalent securities) to the lender or to an entity nominated by the lender on settlement; and\n\n(b) a statement that the person will, if requested by the company or responsible entity to whom the prescribed form must be given or ASIC, give a copy of the agreement to the company, responsible entity or ASIC.\n\nIf the person is requested to give a copy of the agreement, the copy must be given within 2 business days after receiving the request and the copy must be endorsed with a statement that the copy is a true copy.\n\n(4B) Where an authorisation agreement between a lender and an agent lender in relation a securities lending arrangement contributed to the situation giving rise to the person needing to provide the information, the information need not be accompanied by a copy of the authorisation agreement or any master securities lending agreement to which the authorisation relates, provided the information is accompanied by:\n\n(a) in relation to the securities lending arrangement—a statement by the person giving full and accurate details of the matters referred to in paragraph (4A)(a); and\n\n(b) in relation to the authorisation agreement—a statement by the person giving full and accurate details of the following matters:\n\n(i) the type of agreement;\n\n(ii) the parties to the agreement;\n\n(iii) the circumstances in which the agent lender can exercise the authorisations in relation to the securities;\n\n(iv) the circumstances in which the agent lender is subject to any restriction in how it can deal with the securities;\n\n(v) whether the agent lender has a right to require the borrower to deliver the securities (or equivalent securities) to the agent lender or to an entity nominated by the agent lender earlier than the scheduled date (if any) and, if so, the circumstances in which this right can be exercised; and\n\n(c) a statement that the person will, if requested by the company or responsible entity to whom the prescribed form must be given or ASIC, give a copy of the authorisation agreement to the company, responsible entity or ASIC.\n\nIf the person is requested to give a copy of the authorisation agreement, the copy must be given within 2 business days after receiving the request and the copy must be endorsed with a statement that the copy is a true copy.\n\n(4C) In subsections (3A), (4A), (4B) and this subsection:\n\n agent lender has the same meaning as in subsection 608(8C).\n\nauthorisation agreement has the same meaning as in subsection 608(8C).\n\nborrower the same meaning as in paragraphs 608(8A)(a) and (b).\n\ncustodial or depository service has the meaning given by subsection 766E(1).\n\nlender the same meaning as in paragraphs 608(8A)(a) and (b).\n\nmaster securities lending agreement means:\n\n(a) an Australian Master Securities Lending Agreement as published by the Australian Securities Lending Association; or\n\n(b) a Global Master Securities Lending Agreement as published by the International Securities Lending Association; or\n\n(c) a Global Master Repurchase Agreement as published by the Securities Industry and Financial Markets Association and the International Capital Market Association; or\n\n(d) a written agreement that is on substantially the same terms as an agreement mentioned in paragraph (a), (b) or (c); or\n\n(e) a written agreement commonly known as a prime broking agreement or prime brokerage agreement between a service provider and a wholesale client under which the provider agrees to provide a package of at least the following services to the client:\n\n(i) dealing in a financial product to the extent the dealing is acquiring or disposing of the financial product, or arranging for another person to acquire or dispose of the financial product;\n\n(ii) services that enable or facilitate clients to meet their obligations to other persons that arise from entering into transactions with those other persons in connection with the acquisitions and disposals mentioned in subparagraph (i);\n\n(iii) custodial or depository services;\n\n(iv) services in relation to a securities lending arrangement;\n\n(v) consolidated reporting and other operational support services.\n\nsecurities lending arrangement has the same meaning as in paragraphs 608(8A)(a) and (b).\n\nservice provider has the same meaning as in subsection 609(10E).\n\nwholesale client has the meaning given by section 761G.”.\n","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":false,"description":"This instrument narrows and clarifies how existing relevant‑interest and substantial‑holding rules apply to securities lending and agency lending arrangements rather than expanding the statutory reach. It does not add new categories of persons covered by the Corporations Act, but it creates specified exceptions and disclosure alternatives for industry practices (custody, prime broking, agency lending) and clarifies treatment of agent lenders. In that sense the instrument adjusts scope by carving out routine industry activity from unintended application of the relevant‑interest rules and by reducing some immediate disclosure requirements, but it does not appear to grow the law substantially beyond that original, focused purpose."},"complexity_factors":["Modifies three different parts of Part 6C.1 / Chapter 6C of the Corporations Act (s608, s609, s671B) via inserted subsections (cross‑references throughout)","Introduces multiple new defined terms and reuses Act definitions (agent lender, authorisation agreement, lender, borrower, securities lending arrangement, service provider, agency lending business, custodial business, prime broking business, wholesale client, master securities lending agreement, permissible restriction) — ~15 core terms","Several layered conditional rules and carve‑outs (e.g. safe‑harbour applies only if two separate factual conditions are met; stops applying when the borrowing right or transfer is exercised)","Nested exceptions and 'for the avoidance of doubt' clarifications (exceptions that cease to apply on particular events create temporal complexity)","Procedural detail on disclosure substitution plus an on‑request production deadline (summary permitted but must provide full agreement within 2 business days on request)","Interplay with existing Corporations Act regimes (relevant interest rules, substantial holding disclosure) requiring readers to consult both the instrument and the Act","Time‑limited instrument with an explicit repeal date (1 October 2026), adding an administrative lifecycle consideration","Operational requirements across different market participants (lenders, borrowers, custodians, prime brokers, agent lenders, companies, ASIC) increase practical compliance complexity"],"plain_english_summary":"**What this instrument does (mechanically)\n\n- Inserts new rules into the Corporations Act about how \"relevant interests\" arise and are reported when securities are the subject of securities lending arrangements (see section 6: inserts new subsections into s608 of the Act).  Specifically it:  \n  - Treats a lender as having a \"relevant interest\" in securities (or equivalent securities) where securities lent to a borrower are subsequently disposed of by the borrower (s6, new s608(8A)).  \n  - Treats an \"agent lender\" (an entity authorised to act for a lender under an authorisation agreement) as having a relevant interest where the agent lender delivers securities to a borrower and those securities are later disposed of (s6, new s608(8B)–(8C)).\n\n- Creates targeted \"safe‑harbour\" exceptions so that certain service providers and agent lenders will not be regarded as having a relevant interest simply because of rights they receive in the ordinary course of custody, prime broking or agency lending businesses (s7: inserts new s609(10A)–(10E)).  The exceptions apply if a set of conditions is met (for example, the rights were acquired in the ordinary course of business and the underlying client is not subject to material restrictions).\n\n- Eases certain substantial‑holding (takeover/ownership disclosure) requirements where securities lending is involved (s8: modifies s671B of the Act).  Concretely:  \n  - Where an interest arises or changes because of securities lending or authorisation, the person need not disclose the consideration paid (new s671B(3A)).  \n  - Where securities lending contributes to a disclosure trigger, the filer may omit providing a full master securities lending agreement if they instead provide a detailed statement of specified matters about the arrangement and agree to supply a copy of the agreement to the company, responsible entity or ASIC within 2 business days upon request (new s671B(4A)–(4B)).  \n  - Provides definitions of the terms used for these rules (new s671B(4C)).\n\n- Administrative details: the instrument commences the day after registration (s2) and is set to be repealed on 1 October 2026 (s3). The instrument is made under subsection 673(1) of the Corporations Act (s4).\n\nWho this affects\n\n- Lenders and borrowers that enter securities lending arrangements (including institutional investors that lend stock).  \n- Agent lenders — entities authorised to negotiate/operate securities lending on behalf of lenders.  \n- Service providers operating custodial businesses, prime broking businesses or agency lending businesses (these categories are defined in the instrument).  \n- Companies and responsible entities that receive substantial‑holding notices and ASIC, because the form and content of some disclosures change.  \n- Wholesale clients of custodians, prime brokers and agent lenders (the safe‑harbours are limited to wholesale client relationships).\n\nWhy it matters (purpose claims and practical effects)\n\n- Stated effect: the instrument clarifies when a lender (or its agent) is treated as having a \"relevant interest\" in securities involved in securities lending, and it creates narrow exceptions so routine industry roles (custodians, prime brokers, agent lenders) are not unintentionally treated as having relevant interests merely from performing those services (see s6–s7).  It also relaxes some upfront disclosure burdens for substantial‑holding notices involving securities lending by permitting summary statements in place of production of standard master agreements, with a 2 business‑day on‑request supply obligation (s8).\n\n- Who pays and who decides:  \n  - Market participants (lenders, borrowers, agent lenders, custodians, prime brokers) will reorganise operationally to ensure they meet the conditions for the safe‑harbours and the documentary and on‑request obligations when disclosures are required.  \n  - Companies and ASIC lose some automatic access to full master agreements at the time of the substantial‑holding notice, but retain a right to request copies (to be supplied within 2 business days).  \n\nPractical trade‑offs, incentives and risks (mechanisms, not judgments)\n\n- Reduced upfront disclosure burden: filers can avoid attaching full master agreements to a substantial‑holding notice if they provide the prescribed statements (s671B(4A)–(4B)). That lowers immediate paperwork and may speed filings. The trade‑off is a requirement to hold and be able to produce the agreement quickly on request (2 business days) and to make truthful, complete statements in the notice.\n\n- Concentrated benefits: the operational relief and safe‑harbour language primarily benefit large custodians, prime brokers and agent lenders that routinely handle securities lending and have processes to manage the on‑request production obligation (s609(10A)–(10E); s671B(4A)–(4B)).\n\n- Diffuse costs and information effects: shareholders, companies and market observers may have slightly less immediate transparency about the detailed contractual terms of securities lending arrangements at the time a substantial‑holding position is reported because the instrument permits a summary rather than the master agreement (s671B(4A)–(4B)). The instrument preserves a backstop right to obtain the full agreement within 2 business days.\n\n- Compliance and implementation costs: participants who rely on the safe‑harbours must ensure they meet the conditions (for example, that a client is not subject to non‑permissible restrictions and that arrangements are \"bona fide\" and in the ordinary course) — those are factual inquiries that require records, policies and potentially legal judgment (s609(10A)–(10C)).\n\n- Potential for behavioural substitution: by clarifying that an agent lender or service provider does not automatically acquire a relevant interest in routine arrangements, the instrument reduces legal friction for agency lending and prime broking models and may modestly encourage those intermediation practices. Conversely, because disclosure of consideration is not required where the position arises from securities lending (s671B(3A)), some information useful to market analysis of costs of lending will not appear in the initial substantial‑holding notice.\n\n- Implementation risk and ambiguity: the safe‑harbour depends on concepts like \"bona fide\", \"ordinary course of business\" and \"permissible restriction\", which may generate disputes about whether the conditions are satisfied in particular fact patterns (see definitions and conditions in the inserted provisions). That creates some litigation or regulatory interpretation risk.\n\nNet mechanical effect (one‑line): clarifies that lenders (and authorised agent lenders) are treated as having relevant interests when lent securities are disposed of by borrowers, while carving out routine custodial/prime‑broker/agency roles from being treated as having relevant interests so long as defined conditions are met; and it eases certain disclosure mechanics for substantial‑holding notices involving securities lending, subject to on‑request access to full agreements (see s6–s8)."},"kimi_summary":{"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":false,"description":"The instrument remains tightly focused on its original purpose: clarifying how securities lending arrangements interact with substantial holding disclosure rules and the concept of 'relevant interests' under Chapter 6C of the Corporations Act. It does not expand into unrelated areas such as taxation, licensing, or conduct regulation. The provisions are specifically tailored to address known regulatory uncertainty in the securities lending market without scope creep."},"complexity_factors":["Extensive cross-referencing to the Corporations Act 2001 (Part 6C.1, Chapter 6C, sections 608, 609, 671B, 766E, 761G)","Nested conditional logic with multiple 'if/then' structures and layered exceptions (e.g., subsections 10A-10D with 'provided both of the following are satisfied' clauses)","Circular definitions where terms reference each other (e.g., 'agent lender' defined by reference to 'authorisation agreement', which is defined by reference to 'agent lender')","Multiple defined terms (approximately 15-20) including technical financial services concepts like 'prime broking business', 'custodial business', 'agency lending business', 'wholesale client'","Modification of existing legislation through 'as if' variations rather than direct text, requiring readers to mentally reconstruct the amended provisions","Temporal conditions (protections that 'stop applying' when certain events occur, such as exercising a borrowing right)","Dual structure of securities lending arrangements (paragraphs 8A(a) and 8A(b) describe two distinct contractual mechanisms with slightly different characteristics)"],"plain_english_summary":"This instrument clarifies how corporate transparency rules apply to securities lending: lenders (and their agent lenders) keep their \"relevant interest\" when they lend securities under return obligations, while prime brokers, custodians and similar service providers holding a borrowing right do not automatically acquire a relevant interest until they actually take the securities.  \n\nIt also relaxes disclosure mechanics for substantial holdings arising from lending (no need to disclose consideration; a statement can replace long master agreements), reducing inadvertent reporting burdens and supporting market liquidity."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-securities-lending-arrangements-instrument-2021-821","history":"/api/acts/asic-corporations-securities-lending-arrangements-instrument-2021-821/history","analysis":"/api/acts/asic-corporations-securities-lending-arrangements-instrument-2021-821/analysis","conflicts":"/api/acts/asic-corporations-securities-lending-arrangements-instrument-2021-821/conflicts","importantCases":"/api/acts/asic-corporations-securities-lending-arrangements-instrument-2021-821/important-cases","documents":"/api/acts/asic-corporations-securities-lending-arrangements-instrument-2021-821/documents"}}