Document ID: chunk:federal_register_of_legislation:F2014C01243:body:0:p3
Version: federal_register_of_legislation:F2014C01243
Segment Type: other
Provision Reference: 
Character Range: 5743–8782

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 to orders under section 340 or 341 are to be read as references to declarations under subsection 601CK(7) or exemptions or waivers (however described) under the financial reporting laws of the kind set out in Chapter 2M applicable to the foreign company  in its place of origin (as applicable).

       For the avoidance of doubt, this section also applies to legislative instruments made under section 741 for the purposes of this Chapter.";

    5. Part 7.9 of the Act applies in relation to all persons as if the following provisions were modified or varied as follows:

       (a) in Division 2, after section 1011A, insert:

           "1011AB  Division does not apply to depository interests

       Nothing in this Division applies in relation to depository interests within the meaning of subsection 700(1A).

           Note: Offers of depository interests are regulated by Chapter 6D in a particular way: see section 703B.";

       (b) in Division 3, after subsection 1017F(2), insert:

            "(2A) For the purposes of this section, the issuer of a depository interest within the meaning of subsection 700(1A) is taken to be the foreign company that issues the securities to which the interests relate.".

    Exemption

    6. To avoid doubt, a foreign company (other than an excluded foreign company) is exempt from the requirement to hold an Australian financial services licence for arranging for CDN or a holder or proposed holder of depository interests to deal in depository interests that relate to the underlying securities of the foreign company in accordance with the operating rules of ASX Settlement.

    Interpretation

    7. In this instrument:

       approved financial market means a financial market operated by:

       (a) ASX Limited;

       (b) Asia Pacific Exchange Limited;

       (c) National Stock Exchange of Australia Limited; or

       (d) SIM Venture Securities Exchange Ltd.

       ASX Settlement means ASX Settlement Pty Limited.

       CDN means CHESS Depositary Nominees Pty Limited.

    depository interests, in relation to the underlying securities of a foreign company that are held by CDN in accordance with the operating rules of ASX Settlement, means units of beneficial ownership in the securities that are issued for the purpose of enabling the securities to be recorded and transferred in accordance with the operating rules.

    excluded foreign company means a foreign company covered by subsection 766C(5) of the Act.

    underlying securities, in relation to depository interests, means:

       (a) shares of a foreign company which are, or are proposed to be, admitted to quotation on an approved financial market;

       (b) beneficial interests in shares of a foreign company, where the interests or