Commonwealth Numbered Regulations - Explanatory Statements Commonwealth Numbered Regulations - Explanatory Statements[Index] [Search] [Download] [Related Items] [Help]
CORPORATIONS AMENDMENT REGULATIONS 2000 (NO. 1) 2000 NO. 11
EXPLANATORY STATEMENTStatutory Rules 2000 No. 11
Issued by the authority of the Minister for Financial Services and Regulation
Corporations Act 1989
Corporations Amendment Regulations 2000 (No. 1)
Section 22 of the Corporations Act 1989 (the Act) empowers the Governor-General to make regulations not inconsistent with the Act or the Corporations Law (the Law), prescribing matters which are required or permitted by the Law to be prescribed by regulations, or are necessary or convenient to be prescribed by regulations for carrying out or giving effect to the Law.
The purpose of the regulations is to amend the Corporations Regulations 1990 to take account of amendment of the Law by the Corporate Law Economic Reform Program Act 1999 (the amending Act). In particular, a number of existing regulations are no longer necessary in light of the reforms implemented under the amending Act.
The Regulations:
* accommodate the restructuring of the Corporations Law (principally its re-numbering and the
introduction of new title headings);
* accommodate the new terminology included in the Corporations Law following the passage
of the Corporate Law Economic Reform Program Act 1999;
* repeal existing regulations that have been rendered obsolete as a consequence of the
Corporate Law Economic Reform Program Act 1999; and
* clarify existing Regulations.
The responsible Ministers of the States and the Northern Territory on the Ministerial Council for Corporations have been consulted about the regulations as required by the Corporations Agreement, reached in 1990 between the State, Northern Territory and Commonwealth Ministers responsible for corporate regulation.
Details of the regulations are set out in the Attachment.
The regulations commence on 13 March 2000.
ATTACHMENT
Corporations Amendment Regulations 2000 (No. 1)
Regulation 1 Name of Regulations
Regulation 1 provides for the name of the regulations.
Regulation 2 Commencement
Regulation 2 provides that the regulations commence on 13 March 2000.
Regulation 3 Amendment of Corporations Regulations 1990
Regulation 3 provides that the Corporations Regulations 1990 are amended as set out in Schedule 1.
Schedule 1 Amendments
Item 1 Regulation 1.0.18
The amendment substituted regulation 1.0.18. The previous section 42 of the Law exempted from the definition of 'relevant interest' shares held by a person because of their holding a prescribed office. The former regulation 1.0.18 prescribed the offices for the purpose of section 42.
The amending Act repealed section 42 (Schedule 3 item 309) and in its place item 20 of the table in section 611 allows the regulations to exempt certain acquisitions. As a result, existing regulation 1.0.18 is covered by new regulation 6.2.02 (see item 35 below).
A new regulation 1.0.18 has been substituted. The new regulation prescribes section 657A and paragraph (c) of the definition of associate in section 9 of the Corporations Law for the purposes of section 53 of the Law. Section 53 defines what 'affairs of a body corporate' means when used in those provisions.
Item 2 Subdivision B of Division 1 of Part 1.2, heading
The changed heading reflects the amending Act moving the fundraising provisions out of Chapter 7 of the Law and into new Chapter 6D of the Law.
Item 3 Regulation 1.2.06
Regulation 1.2.06 provided that the fundraising rules in Chapter 7 do not apply to a share ratio contract. However, the amending Act moved the fundraising provisions out of Chapter 7 of the Law and into new Chapter 6D. The amendment ensures that share ratio contracts will continue to be exempt from the fundraising rules, which will be in Chapter 6D of the Law.
Item 4 Subdivision B of Division 2 of Part 1.2, heading
The changed heading reflects the amending Act moving the fundraising provisions out of Chapter 7 of the Law and into new Chapter 6D of the Law.
Item 5 Regulation 1.2.14
Regulation 1.2.14 provided that the fundraising rules in Chapter 7 do not apply to a deliverable bond futures contract. However, the amending Act moved the fundraising provisions out of Chapter 7 of the Law and into new Chapter 61). The amendment ensures that deliverable bond futures contracts will continue to be exempt from the fundraising rules, which are now in Chapter 6D of the Law.
Item 6 Subdivision B of Division 3 of Part 1.2, heading
The changed heading reflects the amending Act moving the fundraising provisions out of Chapter 7 of the Law and into new Chapter 6D of the Law.
Item 7 Regulation 1.2.19
Regulation 1.2.19 provided that the fundraising rules in Chapter 7 do not apply to a futures option over a deliverable bond futures contract. However, the amending Act will move the fundraising provisions out of Chapter 7 of the Law and into new Chapter 6D. The amendment ensures that futures options over deliverable bond futures contracts will continue to be exempt from the fundraising rules, which are now in Chapter 6D of the Law.
Item 8 Subdivision B of Division 4 of Part 1.2, heading
The changed heading reflects the amending Act moving the fundraising provisions out of Chapter 7 of the Law and into new Chapter 6D of the Law.
Item 9 Regulation 1.2.23
Regulation 1.2.23 provided that the fundraising rules in Chapter 7 do not apply to a deliverable share futures contract. However, the amending Act moved the fundraising provisions out of Chapter 7 of the Law and into new Chapter 6D. The amendment ensures that deliverable share futures contracts will continue to be exempt from the fundraising rules, which are in Chapter 6D of the Law.
Item 10 Subdivision B of Division 5 of Part 1.2, heading
The changed heading reflects the amending Act moving the fundraising provisions out of Chapter 7 of the Law and into new Chapter 6D of the Law.
Item 11 Regulation 1.2.30
Regulation 1.2.30 provided that the fundraising rules in Chapter 7 do not apply to a futures option over a deliverable share futures contract. However, the amending Act moved the fundraising provisions out of Chapter 7 of the Law and into new Chapter 6D. The amendment ensures that futures options over deliverable share futures contracts will continue to be exempt from the fundraising rules, which are in the new Chapter 6D of the Law.
Item 12 Paragraph 1.2A.02(1)(a)
The amendment reflects the new terminology used in the takeover provisions of the amending Act. The amending Act refers to a 'takeover bid' rather than a 'takeover offer'.
Item 13 Paragraph 1.2A.02(1)(d)
The amendment reflects the amending Act moving the fundraising provisions out of Chapter 7 of the Law (by the repeal of Division 2 of Part 7.12) and into new Chapter 6D of the Law.
Item 14 Subregulation 1.2A.02(2), definition of foreign takeover offer
The amendment reflects the new terminology used in the takeover provisions of the amending Act. The amending Act refers to a 'takeover bid' rather than a 'takeover offer', and 'bidder' rather than 'offerer'. The amending Act also reformed the meaning of associate of a bidder, which is now defined in section 9 of the Law.
Item 15 Subregulation 1.2A.03(1)
The amendment rewrote the regulation to remove the former paragraph 1.2A.03(1)(b). That paragraph exempted from the disclosing entity provisions an offer of securities by a foreign company under an employee share scheme where the securities were offered under a secondary trading notice issued under section 1043C or 1043D of the Law.
The amending Act repealed the current disclosure requirements for secondary trading in unquoted securities under sections 1043C or 1043D of the Law. As a result, paragraph 1.2A.03(1)(b) was no longer necessary.
Item 16 Subparagraph 1.2A.03(3)(a)
The amendment reflects the new terminology used in the fundraising provisions of the amending Act. The amending Act refers to 'offers for issue or sale' of securities rather than 'subscriptions or invitations to subscribe' for securities.
Item 17 Regulation 2D.1.01
The amendment repeals regulation 2D.1.01, which prescribed authorities for the purposes of subsection 229(4) of the Law. The amending Act repealed subsection 229(4) of the Law. As a result, regulation 2D.1.01 was not necessary.
Items 18 to 20 Regulation 2D.1.02
Regulation 2D.1.01 defined 'securities exchange' for the purposes of subsection 235(1) of the Law. The amendments replaced the reference to subsection 235(1), which was repealed by the amending Act, with new subsection 205G(1). In addition, the opportunity was taken to remove the reference to the Ballarat Stock Exchange, which has been wound up.
Item 21 Subregulation 2M.3.01(2)
The amendment reflects the new terminology used in the debenture provisions of the amending Act. The amending Act refers to a 'borrower' in relation to debentures rather than a 'borrowing corporation'.
Item 22 Regulation 511.3.02
The amendment corrected a technical error in the location of regulation 5B.3.02.
Item 23 Part 5C.7
The amendment repealed regulation 5C.7.01. Regulation 5C.7.01 ensured that agents of a responsible entity were subject to the related party provisions of the Corporations Law (as applied to managed investment schemes by section 601LC). The reforms made by the amending Act to the related party provisions made this regulation unnecessary, as the provisions will automatically apply to agents of a responsible entity.
Item 24 . Regulation 5C.11.07
The amendment repealed regulation 5C.11.07. The regulation ensured that, when reading section 1325 of the Law, a reference to Part 7.12 included a reference to Chapter 5C.
The regulation is no longer necessary as the amending Act (Schedule 3 items 71, 72 and 73) amended section 1325 of the Law to include references to Chapter 5C.
Items 25 and 26 Subregulations 5.6.11(2) and (3)
Regulation 5.6.11 provided that regulations 5.6.12 to 5.6.36A applied to the convening and conduct of, and the voting at, meetings of debenture holders convened under a covenant taken to be contained in a debenture trust deed by subsection 1054(6) of the Law.
The amending Act repealed subsection 1054(6) of the Law. Meetings of debenture holders will instead be required to be called under new subsection 260KA(1). Section 260KA contains the requirements for calling meetings of debenture holders. As a result of these amendments to the Law, meetings of debenture holders do not need to be regulated under regulations 5.6.12 to 5.6.36A. The regulations reflect these amendments to the Law.
Item 27 Paragraphs 5.6.12(1)(e) and (f)
The amendment is consequential upon the amendments in items 25 and 26 above.
Item 28 Chapter 6, heading
The amendment changed the heading of Chapter 6, reflecting the change made to the heading of Chapter 6 of the Law by the amending Act.
Item 29 Part 6.1
The amendment repealed regulation 6.1.0 1, which set out the rules about how a document may be sent for the purposes of the takeover provisions. This regulation was no longer necessary, as the amending Act moved these rules into the Law (see section 648C of the amending Act).
Item 30 Part 6.2, heading
The amendment changed the heading of Part 6.2, reflecting the change made to the heading of Part 6.2 of the Law by the amending Act.
Items 31 and 32 Regulation 6.2.01
The amendment reflects the changed numbering of the takeover provisions by the amending Act. Paragraph 633(b), which exempted an acquisition of shares in a prescribed company, has been replaced with section 611, which allows the regulations to exempt an acquisition of relevant interests in the voting shares of a body.
Item 33 Paragraphs 6.2.01(a)
The amendment limits the exemption from the takeover provisions for government bodies to those bodies which are instrumentalities or agencies of the Crown in right of a State or Territory. This reflects reforms to the Law implemented by the amending Act which ensure that the takeover provisions apply to Commonwealth bodies corporate (see Schedule 5 items 14 and 15 of the amending Act).
Item 34 Paragraphs 6.2.01(x), (z) and (za)
The amendment removed existing paragraphs 6.2.01 (x), (z) and (za). The removal of paragraph 6.2.01 (x) reflects a similar change to the definition of exempt bodies in section 66A of the Corporations Law on 1 July 1999 under the Financial Sector Reform (Amendments and Transitional Provisions) Act 1999. The removal of paragraph 6.2.01 (za) reflects the regulation of financial institutions under the Law as a result of that Act.
Item 35 Regulation 6.2.02
The amendment inserted regulation 6.2.02, which replaced the former regulation 1.0.18 (see item 1 above). Consistent with the former regulation 1.0.18, regulation 6.2.02 exempts an acquisition which results from a person holding an office prescribed by Schedule 3 of the Regulations.
Item 36 Parts 6.3, 6.4, 6.5, 6.7, 6.8 and 6.12
The amendment repealed regulations 6.3.01, 6.4.01, 6.5.01, 6.7.01, 6.7.02, 6.7.03, 6.8.01, 6.12.01 and 6.12.02. These regulations were no longer necessary as a result of the reforms implemented by the amending Act. In particular:
* In regulation 6.3.01, the amending Act replaced existing paragraph 637(2)(a) with new
subsection 633(1) item 4, which requires a bidder to lodge a notice with ASIC stating that the
bidder's statement has been sent to the target. The requirement that the notice must be in a
prescribed form has been removed.
* In regulation 6.4.01, the amending Act replaced former paragraph 681(4)(b) with new
paragraph 649C(2)(b), which requires a bidder to lodge a notice with ASIC setting out the
terms of an announcement extending the offer period. The requirement that the notice must
be in a prescribed form has been removed.
* Regulation 6.5.01 relates to the particulars which must be disclosed in a notice under current
section 693 of the Law. Under the former takeover provisions of the Law, during a takeover
bid, the bidder, and other substantial shareholders, must notify the market of changes in their
entitlement to shares in the target company (sections 687 to 695). The amending Act has
repealed these provisions and instead rely on the operation of the substantial shareholder
provisions (see section 654B of the amending Act). As a result, regulation 6.5.01 was not
necessary.
* Regulations 6.7.01, 6.7.02 and 6.7.03 set out the details to be included in a substantial
shareholder notice. The Law required a person who has, ceases to have or experiences a
change in a substantial shareholding (a 5% holding of voting shares) to lodge a notice
with the company (current sections 609 to 611).
The amending Act reformed the substantial holder provisions. Amongst other things, the amending Act consolidated the various notices into one notice and set out in the Law the details to be included in the notice (see subsections 671B(3) to (5) of the amending Act). As a result, regulations 6.7.01, 6.7.02 and 6.7.03 were not necessary.
* Regulation 6.8.01 related to tracing notices. The Law allowed a person to trace the beneficial
owner of securities by giving a primary or secondary notice (former sections 718 and 719 of
the Law). The amending Act reformed these provisions. Amongst other things, the concepts
of primary and secondary notices have been replaced with a simple direction that the holder of
the securities disclose the beneficial owner (see amending Act section 672A). As a result,
regulation 6.8.01 was not necessary.
* Regulations 6.12.01 and 6.12.02 required a Part A statement (a bidder's statement under the
amending Act) to include prospectus-like disclosure where securities are offered as
consideration under a takeover bid. The amending Act moved these disclosure requirements
into the Law and, where securities are offered as consideration under a bid, requires a bidder's
statement to include material that would be required for a prospectus for an offer of securities
(see amending Act paragraph 636(1)(h)). As a result, former regulations 6.12.01 and 6.12.02
were not necessary.
The amendment also inserted new regulations 6.10.01, 6D.2.01 and 6D.2.02.
Regulation 6.10.01 is a new regulation which prescribes a time of 2 business days within which to lodge an application for review of a Panel decision. Under section 657EA of the amending Act, a person will be able to apply for an internal review by the Panel of a Panel decision. Subsection 657EA(3) allows the regulations to set the time limit within which the application must be made. The time limit of 2 business days reflects the short time frames within which takeover disputes occur and is designed to ensure that takeover disputes, including any appeals within the Panel, are resolved as quickly as possible.
Regulation 6D.2.01 continues the exemption from the fundraising rules for an offer of a member share within the meaning given by regulation 12.08.03 (in existing paragraphs 7.12.05(b) and 7.12.06(c)). Item 41 repeals regulations 7.12.05 and 7.12.06.
Regulation 6D.2.02 continues the exemption from the fundraising rules for an offer under a dividend reinvestment plan or bonus share plan of fully-paid shares in a foreign company to an existing holder of shares (in existing paragraph 7.12.06(g)). Paragraph 708(13)(a) of the amending Act exempts an offer of shares of a company that is not a foreign company under a dividend reinvestment plan or bonus share plan.
Item 37 Regulation 7.3.10A
The amendment exempts from the licensing requirements of Chapter 7 of the Law certain superannuation schemes offered by life companies. The exemption will only apply to superannuation schemes which are wholly underwritten by one or more life policies (as regulated under the Life Insurance Act 1995). This ensures that the licensing provisions do not apply to life companies offering these types of superannuation schemes. Life companies are currently otherwise exempt from the licensing provisions of the Law.
In addition, the exemption is only available to a life company, its employees and agents. Life companies, their agents and brokers are required to comply with the Insurance Agents and Brokers Act 1984 and the Code of Practice for Advising, Selling and Complaints Handling in the Life Insurance Industry administered by ASIC. Therefore, whilst these superannuation schemes are exempt from the licensing provisions of Chapter 7 of the Law, an alternate regulatory regime does apply to persons dealing in interests in these schemes.
Item 38 Subregulation 7.3.11(3)
The amendment reflects the amending Act moving the fundraising provisions out of Chapter 7 of the Law (by the repeal of Division 2 of Part 7.12) and into new Chapter 6D of the Law.
Item 39 Regulation 7.3.14A
Regulation 7.3.14A was introduced on 1 July 1999 as part of the reforms which transferred to the Law the registration of financial institutions such as friendly societies and the regulation of the fundraising, licensing and disclosure obligation which apply to friendly societies. In particular, regulation 7.3.14A exempts from the licensing provisions a friendly society benefit fund that is a health benefit fund or a superannuation entity. The amendment to the regulation clarifies that the exemption only applies to friendly society benefit funds.
Item 40 Regulation 7.4.02
The amendment reflects the amending Act moving the fundraising provisions out of Chapter 7 of the Law (by the repeal of Division 2 of Part 7.12) and into new Chapter 6D of the Law.
Item 41 Part 7.12
The amendment repeals regulations 7.12.01, 7.12.02, 7.12.03, 7.12.05, 7.12.06, 7.12.07, 7.12.08, 7.12.08A, 7.12.08B, 7.12.08C, 7.12.09, 7.12.10, 7.12.11, 7.12.12, 7.12.14, 7.12.15 and 7.12.17. These regulations were no longer necessary as a result of the reforms implemented by the amending Act. In particular:
* Regulation 7.12.01 defined certain terms for the purposes of Part 7.12 of the Regulations. As
each regulation using these terms has been repealed, the regulation was not necessary.
* Regulation 7.12.02 exempted from the fundraising disclosure requirements offers made under
a takeover bid or in relation to a scheme of arrangement. The amending Act moved this
exemption into the new fundraising provisions of the Law (see subsections 708(17) and (18)
of the amending Act). As a result, regulation 7.12.02 was not necessary.
* Regulation 7.12.03 ensured that the definition of debenture in section 9 of the Law did not
include a document acknowledging indebtedness between related bodies corporate. The
amending Act moved the content of regulation 7.12.02 into paragraph (e) of the new
definition of debenture (see Schedule 3 item 78 of the amending Act). As a result, regulation
7.12.03 was not necessary.
* Regulations 7.12.05 and 7.12.06 exempted certain offers of securities from the fundraising
provisions of the Law. The amending Act moved these exemptions (except for paragraphs
7.12.05(b) and 7.12.06(c)) into the new fundraising provisions of the Law (see paragraph
708(8)(a) and subsections 708(11) and (13) of the amending Act). Paragraphs 7.12.05(b) and
7.12.06(c) have been moved to new regulation 6D.2.01 (see item 36 above). As a result,
regulations 7.12.05 and 7.12.06 was not necessary.
Regulation 7.12.07 provided that if a prospectus is signed by an agent of a director or proposed director, the authority of the agent to sign the prospectus must be attached to the prospectus. The amending Act removed the previous requirement in subsection 1021(13) of the Law that a prospectus must be signed by each director, proposed director or their agent. Instead, directors and proposed directors will only be required to consent to the issue of a disclosure document (see sections 720 and 735 of the amending Act). As a result, regulation 7.12.07 was not necessary.
Regulation 7.12.08 prescribed a period of 14 days for the purposes of subsection 1020A(1) of the Law (the time within which ASIC must register a prospectus). The amending Act removed the current requirement that prospectuses must be registered. Instead, disclosure documents will only be required to be lodged with ASIC (see section 718 of the amending Act). As a result, regulation 7.12.08 was not necessary.
Regulations 7.12.08A, 7.12.08B and 7.12.08C set out a number of requirements for secondary sales notices under sections 1043C and 1043D of the Law. The amending Act repealed the current disclosure requirements for secondary trading in unquoted securities under sections 1043A to 1043D of the Law. Instead, sales of unquoted securities by a controller are covered by the requirement to issue a disclosure document under section 707 of the amending Act and sales of unquoted securities by a person who is not a controller no longer need disclosure. As a result, regulations 7.12.08A, 7.12.08B and 7.12.08C were not necessary.
Regulation 7.12,09 set out certain requirements for the profit and loss account and balance sheet that must be lodged with ASIC under subsection 1058(16). The specific requirements in former subsection 1058(16) for foreign guarantors to lodge accounts have been repealed by the amending Act. Instead, the general foreign company provisions of the Law apply (see Schedule 3 item 100 of the amending Act). As a result, regulation 7.12.09 was not necessary.
Regulations 7.12.10, 7.12.11 and 7.12.12 modified the operation of the fundraising provisions of the Law in relation to managed investment schemes. Under the amending Act, the new fundraising rules have been rewritten so that they apply to managed investment schemes without the need for special modification by the regulations (see in particular section 701 of the amending Act). As a result, regulations 7.12.10, 7.12.11 and 7.12.12 were not necessary.
Regulation 7.12.14 set out a number of transitional arrangements under former section 1034 of the Law, which applied to prospectuses lodged with the National Companies and Securities Commission within the 6 months before commencement of the Law. The amending Act repealed section 1034. As a result, regulation 7.12.14 was not necessary.
Regulation 7.12.15 contained special rules in relation to fundraising by a managed investment scheme. Under the amending Act, the new fundraising rules have been rewritten so that they apply to managed investment schemes without the need for special rules in the regulations. The rules contained in regulation 7.12.15 are covered by sections 724 and 725 of the amending Act. As a result, regulation 7.12.15 was not necessary.
Regulation 7.12.17 set out a number of exemptions to the securities hawking prohibition in section 1078 of the Law. The amending Act moved these exemptions into the new securities hawking provisions of the Law (see subsection 736(2) of the amending Act). As a result, regulation 7.12.17 was not necessary.
Item 42 Schedule 1, after item 1A
The regulation corrected a technical error in the former regulations by including a reference in Schedule 1 to Form 207Z, which is in Schedule 2.
Items 43 to 47 Schedule 1 items 22A, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 96, 97, 98, 99,
100, 101, 102, 103, 104, 105, 106, 107, 108, 130 and 152
The regulation omits these items from the List of Forms in Schedule 1 of the Corporations Regulations. These forms are omitted by proposed items 48 to 52.
Items 48 to 52 Schedule 2, Forms 370, 378, 601, 602, 602A, 602B, 602C, 603, 604, 605,
606, 607, 608, 609, 610, 722 and 906
The regulation omits these Forms from Schedule 2 of the Corporations Regulations. It is proposed that these forms will be approved by ASIC in accordance with section 350 of the Law.
Item 53 Schedule 3, heading
The amendment to the heading of Schedule 3 refers to regulation 6.2.02, rather than former regulation 1.0.18 which it replaced (see items 1 and 3 5 above).
Item 54 Schedule 4, item 1A
The amendment reflects the replacement of subsection 702(3) of the Law, which allowed for the inspection of registers of unclaimed property, with section 668A(3) of the amending Act, which allows for the inspection of records of unclaimed consideration. The inspection fee of $5.00 remains unchanged.
The amendment removes the fee for inspection of a register of debenture holders of non-companies under subparagraph 1047(3)(b)(ii). The Act repealed section 1047. Registers of debenture holders of noncompanies are regulated under new Division 4 of Part 5B.2 of the Law (see Schedule 3 item 10 1 of the amending Act).
Item 55 Schedule 4, paragraphs 3A(e) and (f)
The amendment removes the fee for obtaining a copy of a register of debenture holders of noncompanies or a copy of a debenture trust deed under subsection 1047(7). The amending Act repealed section 1047. Registers of debenture holders of non-companies are regulated under new Division 4 of Part 5B.2 of the Law (see Schedule 3 item 101 of the amending Act) and debenture holders will be able to obtain a copy of the trust deed under paragraph 260GB(b) of the amending Act. As a result, the fee for subsection 1047(7) was not necessary.
Item 56 Schedule 4, item 4
The amendment reflects the replacement of former subsection 699(2) of the Law, which required a target company to provide details of the names and addresses of target company shareholders, with subsection 641(5) of the amending Act, which also requires the target company to provide this information. The fee of $0.10 for each name and address remains unchanged.
Item 57 Schedule 4, item 5
The amendment reflects the replacement of subsection 723A(1) of the Law, which allows for a fee to be prescribed for complying with a tracing notice, with section 672A of the amending Act, which relates to the giving of a tracing direction. The fee of $5.00 remains unchanged.
Items 58 and 59 Schedule 9, items 5A and 17
Section 9 of the Law defines an authorised trustee corporation as a body corporate declared in the regulations to be an authorised trustee corporation. Regulation 7.1.01 provides that a body corporate listed in Schedule 9 of the Corporations Regulations is an authorised trustee corporation.
Schedule 9, item 5A listed Austrust Limited as an authorised trustee company. Austrust Limited has changed its name to Tower Trust Limited. Schedule 9, item 17 listed National Mutual Trustees Limited as an authorised trustee company. National Mutual Trustees Limited has changed its name to AXA Trustees Limited.
The amendments to Schedule 9 reflect the change of name of these trustee corporations.
Item 60 Schedule 9A
Item 41 repealed regulation 7.12.08B. As a result the special rules contained in Schedule 9A which modify the application of the Law in relation to secondary trading in unquoted securities will not be necessary. The regulation repealed Schedule 9A.