Document ID: chunk:federal_register_of_legislation:F2023C00208:reg:16:p1
Version: federal_register_of_legislation:F2023C00208
Segment Type: reg
Provision Reference: reg 16 (pt 1/2)
Character Range: 40418–43140

16  Definitional changes
    Part 7.9 of the Act applies in relation to section 1020B products as if subsection 1020B(1) were modified or varied by inserting the following definitions in the appropriate alphabetical order:
     global end calendar time, in relation to a person's short position, means 11:59 pm on the trading day in the location of the person (or another person within the same corporate group) to whom the transaction giving rise to the short position is accounted for in the balance sheet of the person (or the other person).
     nominated time, in relation to a person's short position, means:
            (a) if an opt-out nomination is in force—the global end calendar time;

            (b) otherwise—7 pm in Sydney, New South Wales.
     opt-out nomination:
            (a) an opt-out nomination, in relation to a nominated time for a person's short position, is in force from a specified date if both of the following apply:
               (i) the person has given a written notice to ASIC specifying that the person will be using the global end calendar time from the specified date, provided the specified date is at least 30 days after the date of giving the notice;
               (ii) ASIC has not notified the person within 30 days after the date of giving the notice that ASIC objects;
            (b) an opt-out nomination, in relation to a nominated time for a person's short position, ceases to be in force from a specified date if both of the following apply:
               (i) the person has given a written notice to ASIC specifying that the person will not be using the global end calendar time from the specified date, provided the specified date is at least 30 days after the date of giving the notice;
               (ii) ASIC has not notified the person within 30 days after the date of giving the notice that ASIC objects.
            Note: A person in relation to whom an opt-out nomination has ceased to be in force from a specified date under paragraph (b) may give a further written notice under paragraph (a).
     reporting day has the meaning given by regulations made for the purposes of Division 5B.
     securities lending arrangement has the meaning given by subsection 1020AA(1).
     short position has the meaning given by regulations made for the purposes of Division 5B.
     value limit: the value limit, in relation to a person for a security or managed investment product that is able to be traded on a financial market, is not exceeded on a day if:
A x B
     does not exceed $100,000 where:
A = the person's short position in relation to the security or product as at the nominated time.
B = either:
(a) the last sale price for the security or product on