Document ID: chunk:federal_register_of_legislation:F2014C01243:body:0:p2
Version: federal_register_of_legislation:F2014C01243
Segment Type: other
Provision Reference: 
Character Range: 2977–6002

to be, admitted to quotation on an approved financial market; and

                   (ii) the shares are in a class of shares that are, or are proposed to be, admitted to quotation on that market.";

       (c) after section 703A insert:

           "703B  Application of this Chapter to depository interests

       This Chapter applies in the following way to a foreign company and depository interests in relation to the underlying securities of the company:

           (a) the foreign company that issues the underlying securities is taken to be the issuer of the depository interests;

           (b) an offer of depository interests for issue is taken instead to be an offer of the underlying securities for issue by the foreign company;

              Note: This paragraph applies to any offers of depository interests for issue including, but not limited to, initial public offers, rights issues, dividend reinvestment plans and bonus plans.

           (c) where paragraph (b) applies and the offer requires disclosure to investors under Part 6D.2, the disclosure document for the offer must explain the difference between holding depository interests and holding the underlying securities;

           (d) for the purposes of determining whether an offer of the underlying securities for issue by the foreign company is a rights issue:

              (i) a person that before the offer holds depository interests in relation to the underlying securities is to be treated as holding the securities; and

              (ii) CDN is to be treated as not holding the securities mentioned in subparagraph (i);

           (e) where the underlying securities are shares—for the purposes of determining whether an offer of the underlying securities for issue under a dividend reinvestment plan or bonus plan does not need disclosure to investors:

              (i) a person that holds depository interests in relation to the underlying securities is to be treated as holding the securities; and

              (ii) CDN is to be treated as not holding the securities mentioned in subparagraph (i);

           (f) a sale offer of depository interests on an approved financial market by a person is taken instead to be a sale offer of the underlying securities on the financial market by the person;

           (g) the foreign company is not taken to have issued the underlying securities with the purpose referred to in subparagraph 707(3)(b)(i) merely because it issued the securities to CDN;

           (h) references to the provisions of Chapter 2M are to be read as references to:

              (i) if section 601CK applies to the foreign company—section 601CK; or

              (ii) otherwise—the financial reporting laws of the kind set out in Chapter 2M applicable to the foreign company in its place of origin;

              Note: Section 601CK may not apply to a foreign company whose place of origin is a country prescribed by regulations made for the purposes of section 601CDA.

           (i) references