Document ID: chunk:federal_register_of_legislation:F2022C00065:reg:13
Version: federal_register_of_legislation:F2022C00065
Segment Type: reg
Provision Reference: reg 13
Character Range: 11340–12023

13  Brokers
 (1) An interest in a share is an interest of a prescribed kind if the interest exists solely as a result of an action taken by the interest‑holder:
 (a) in the interest‑holder's capacity as a broker in securities, in the ordinary course of business; and
 (b) on the express instruction of a client of the interest‑holder.
 (2) The interest‑holder mentioned in subsection (1) is a prescribed person if the interest‑holder does not:
 (a) hold a beneficial interest in the share; or
 (b) have authority, by proxy or any other arrangement with the holder of the beneficial interest in the share, to exercise in a discretionary way the voting rights attaching to the share.