Corporations Amendment (Compensation Arrangements) Regulation 2013

Link to law: https://www.comlaw.gov.au/Details/F2013L01436

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Corporations Amendment (Compensation Arrangements) Regulation 2013
 
Select Legislative Instrument No. 190, 2013
I, Quentin Bryce AC CVO, Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulation under the Corporations Act 2001.
Dated 25 July 2013
Quentin Bryce
Governor‑General
By Her Excellency’s Command
Bernie Ripoll
Parliamentary Secretary to the Treasurer
 
 
  
  
Contents
1............ Name of regulation.............................................................................. 1
2............ Commencement................................................................................... 1
3............ Authority............................................................................................. 1
4............ Schedule(s)......................................................................................... 1
Schedule 1—Amendments                                                                                                2
Corporations Regulations 2001                                                                               2
 
1  Name of regulation
                   This regulation is the Corporations Amendment (Compensation Arrangements) Regulation 2013.
2  Commencement
                   This regulation commences on the day after it is registered.
3  Authority
                   This regulation is made under the Corporations Act 2001.
4  Schedule(s)
                   Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
Schedule 1—Amendments
  
Corporations Regulations 2001
1  Regulation 8.2.04 (table item 1)
Omit “New Zealand Registrar of Companies”, substitute “Registrar of Financial Service Providers of New Zealand”.
2  Regulation 8.2.04 (table item 2)
Omit “New Zealand Securities Commission”, substitute “Financial Markets Authority of New Zealand”.
3  Item 6 of Schedule 8C (heading)
Omit “Subsection”, substitute “After subsection”.
4  Item 6 of Schedule 8C
Omit “substitute”, substitute “Insert:”.
5  Item 6 of Schedule 8C
Omit “(2) If”, substitute “(2A) Despite subsection (2), if”.
6  At the end of item 6 of Schedule 8C
Add:
          (2B)  Despite subsection (2), if:
                     (a)  the requirements of subsection 885C(1) are satisfied in relation to a participant and a financial market; and
                     (b)  the loss is also connected (see section 888A) with a financial market to which Division 4 applies; and
                     (c)  the person did not (expressly or impliedly) instruct the participant to use a particular one of those markets; and
                     (d)  it is not reasonably apparent from the usual business practice of the participant which of those markets the participant would use when acting for the person; and
                     (e)  the loss is connected with a transaction effected through a financial market to which Division 3 applies; and
                      (f)  a claim cannot be made, or has been disallowed, under Division 4 (see subsection 888A(1));
the loss is taken to be a Division 3 loss and not to be a loss that is connected with a financial market to which Division 4 applies.