Document ID: chunk:federal_register_of_legislation:F2016L01503:body:0:p1
Version: federal_register_of_legislation:F2016L01503
Segment Type: other
Provision Reference: 
Character Range: 0–3020

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;
(c) 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 person other than a bank or a promissory note.
non-participant means any person who satisfies both of the following:
           (a) is a drawer of a security of the kind mentioned in paragraph (b) of the definition of dematerialised security;
           (b) is not a participant of the clearing and settlement facility operated by Austraclear Limited.
participant means a participant of the clearing and settlement facility operated by Austraclear Limited.

Part 2—Exemption

5 Dematerialised securities
(1) This section applies to the extent that a dematerialised security is a debenture in circumstances where the bill of exchange, certificate of deposit or promissory note to which the dematerialised security relates is not a debenture.
(2) Austraclear Limited, participants and non-participants do not have to comply with Chapter 2L and Parts 6D.2 and 6D.3 of the Act in relation to any offer of dematerialised securities for issue or sale, and any issue or