Document ID: chunk:federal_register_of_legislation:F2016L00322:body:0:p1
Version: federal_register_of_legislation:F2016L00322
Segment Type: other
Provision Reference: 
Character Range: 0–3168

ASIC Corporations (Regulatory Capital Securities) Instrument 2016/71
I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date  9 March 2016

Grant Moodie

Contents

Part 1—Preliminary
1 Name of legislative instrument
2 Commencement
3 Authority
4 Definitions
Part 2—Declaration
5 Definitions of "regulatory capital security" and "underlying securities"
6 Offers of regulatory capital securities that are convertible or exchangeable into continuously quoted securities
7 Sale offers of underlying securities issued on conversion or exchange of regulatory capital securities

Part 1—Preliminary

1 Name of legislative instrument
This instrument is ASIC Corporations (Regulatory Capital Securities) Instrument 2016/71.

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 section 741 of the Corporations Act 2001.

4 Definitions
In this instrument:
Act means the Corporations Act 2001.

Part 2—Declaration

5 Definitions of "regulatory capital security" and "underlying securities"

    Chapter 6D of the Act applies to all persons as if section 9 of the Act were modified or varied as follows:

       (a) insert the following definition:

       "notional underlying securities, in relation to regulatory capital securities, means securities that would be issued on conversion or exchange if the conversion or exchange occurred at the time of issue of the regulatory capital securities.";

       (b) insert the following definition:

       "regulatory capital security means a security that satisfies all of the following:

(a) the security is issued by any of the following entities:

              (i) an authorised deposit-taking institution, a subsidiary of an authorised deposit-taking institution or an authorised NOHC for the purposes of the Banking Act 1959;

              (ii) a general insurer, a subsidiary of a general insurer or an authorised NOHC for the purposes of the Insurance Act 1973;

              (iii) a life company, a subsidiary of a life company or a registered NOHC for the purposes of the Life Insurance Act 1995;

(b) either:

              (i) under the terms of the security, it must or may be converted into, or exchanged for, ordinary shares in:

                  (A) the issuer of the security; or

                  (B) an entity that is both:

                     (I) an authorised deposit-taking institution, a general insurer, a life company, an authorised NOHC or a registered NOHC for the purposes of any of those Acts; and

                     (II) the ultimate holding company of the issuer; or

                  (C) an entity (including an entity that, at the time the security is issued, does not exist) that, as a result of a restructure (however described) will be, at the time of conversion or exchange, both:

                     (I) an authorised NOHC or a registered NOHC for the purposes of any of those Acts; and

                     (II) the ultimate holding