1ASIC Corporations (Stub Equity in Control Transactions) Instrument 2020/734

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ASIC Corporations (Stub Equity in Control Transactions) Instrument 2020/734

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

 

Date  22 September 2020

 

 

 

 

 

 

Grant Moodie

 

Contents

Part 1—Preliminary

1 Name of legislative instrument

2 Commencement

3 Authority

4 Definitions

Part 2—Declaration

5 Mandatory custodial arrangements in control transactions

6 Proprietary scrip in control transactions

 

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Stub Equity in Control Transactions) Instrument 2020/734.

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 sections 655A and 741 of the Corporations Act 2001.

4 Definitions

In this instrument:

Act means the Corporations Act 2001.

Part 2—Declaration

5 Mandatory custodial arrangements in control transactions

Chapter 6 of the Act applies to all persons as if the following provisions were modified or varied:

(a) in items 1 to 4 and 17 in the table in section 611, add on a new line:

“See also section 615A.”

(b) after section 615, insert:

“615A Mandatory custodial arrangements—exceptions 1 to 4 and 17

(1) This section applies to an acquisition of relevant interests where the consideration offered for the acquisition includes securities in a public company that must be held under a custodial arrangement.