1ASIC Corporations (Dematerialised Securities: Austraclear) Instrument 2016/841

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ASIC Corporations (Dematerialised Securities: Austraclear) Instrument 2016/841

I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

 

Date  19 September 2016

 

 

Grant Moodie

 

Contents

Part 1—Preliminary

1 Name of legislative instrument

2 Commencement

3 Authority

4 Definitions

Part 2—Exemption

5 Dematerialised securities

6 Operation of a clearing and settlement facility for dematerialised securities

 

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Dematerialised Securities: Austraclear) Instrument 2016/841.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note: The register may be accessed at www.legislation.gov.au.

3 Authority

This instrument is made under subsections 283GA(1), 601QA(1), 741(1) and 1075A(1) of the Corporations Act 2001.

4 Definitions

In this instrument:

Act means the Corporations Act 2001.

dematerialised security, in relation to the clearing and settlement facility operated by Austraclear Limited, means any of the following which are acceptable for deposit in the facility:

(a) electronically recorded single party debt obligations under which the rights as between the maker or issuer and any participant of the clearing and settlement facility who deals in them will be equivalent to the rights which would arise under a certificate of deposit issued by a bank;

(b) electronically recorded two party debt obligations under which the rights as between the drawer, acceptor, any indorser and any participant of the clearing and settlement facility who deals in them will be equivalent to the rights which would arise under a bill of exchange accepted by a bank;