Corporations Amendment Regulations 2009 (No. 4)¹

I, QUENTIN BRYCE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Corporations Act 2001.

Dated 30 April 2009

QUENTIN BRYCE

Governor-General

By Her Excellency’s Command

NICK SHERRY

1              Name of Regulations

                These Regulations are the Corporations Amendment Regulations 2009 (No. 4).

2              Commencement

                These Regulations commence on the day after they are registered.

3              Amendment of Corporations Regulations 2001

                Schedule 1 amends the Corporations Regulations 2001.

Schedule 1        Amendments

(regulation 3)

[1]           Paragraph 7.8.01 (5) (c)

omit

licensed financial market)

insert

licensed market or licensed CS facility)

[2]           Subregulation 7.8.01 (8), including the note

substitute

         (8)   For paragraph 981B (1) (c) of the Act, if a financial services licensee is required to call margins from a client under the operating rules of a licensed market or the operating rules of a licensed CS facility:

                (a)    the financial services licensee may operate an account to which that paragraph applies as:

                          (i)    a clients’ segregated account; or

                         (ii)    a trust account;

        in accordance with the operating rules; and

               (b)    if:

                          (i)    the account is operated outside Australia; and

                         (ii)    the law in force in the jurisdiction where it is maintained requires the account to be designated in a particular way;

        the financial services licensee must designate the account            in that way.

Note   The operating rules may require client moneys, including moneys used for margining, to be held in either a clients’ segregated account or a trust account.

[3]           Schedule 8C, after item 10

insert

10A         After subsection 892B (1), including the note

insert

      (1A)   Nothing in subsection (1) prevents the Minister approving, in accordance with section 884C, a change to Division 3 arrangements that includes the withdrawal of money from an account or accounts holding a fidelity fund.

[4]           Further amendments — licensed market

                The following provisions are amended by omitting ‘licensed financial market’ and inserting ‘licensed market’:

·        subregulation 7.8.01 (4A)

·        paragraph 7.8.02 (1) (f)

·        regulation 7.9.07C

·        subregulation 7.9.63B (3).

Note

1.       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See http://www.frli.gov.au.