Corporations Amendment Regulations 2002 (No. 3) (41 of 2002)

Schedule 1   Amendments commencing at 12.02 am (in the Australian Capital Territory) on 11 March 2002

[94]   After regulation 9.12.01

insert

9.12.02 Exemptions from Chapter 7 - insider trading (natural person)

For section 1368 of the Act, if a natural person ( person 1 ) would contravene subsection 1043A (1) of the Act by entering into a transaction or agreement (the new transaction or agreement ) in relation to financial products issued by another person ( person 2 ) merely because person 1 is aware that he or she proposes to enter into, or has previously entered into, one or more transactions or agreements in relation to financial products issued by a person other than person 2, subsection 1043A (1) does not have effect in relation to person 1 in relation to the new transaction or agreement.

9.12.03 Exemptions from Chapter 7 - insider trading (body corporate)

(1) For section 1368 of the Act, if a body corporate would contravene subsection 1043A (1) of the Act by entering into a transaction or agreement (the new transaction or agreement ) in relation to financial products issued by another person ( person 2 ) merely because the body corporate is aware that it proposes to enter into, or has previously entered into, one or more transactions or agreements in relation to financial products issued by a person other than person 2, subsection 1043A (1) does not have effect in relation to the body corporate in relation to the new transaction or agreement.

(2) Subject to subregulation (3), if a body corporate would contravene subsection 1043A (1) by entering into a transaction or agreement (the new transaction or agreement ) in relation to financial products issued by another person ( person 2 ) merely because an officer of the body corporate is aware that the body corporate proposes to enter into, or has previously entered into, one or more transactions or agreements in relation to financial products issued by a person other than person 2, subsection 1043A (1) does not have effect in relation to the body corporate in relation to the new transaction or agreement.

(3) Subregulation (2) does not apply unless the officer of the body corporate becomes aware of the matters referred to in that subregulation in the course of the performance of duties as an officer of the body corporate.

9.12.04 Exemptions from Chapter 7 - insider trading (officers or agents of body corporate)

(1) For section 1368 of the Act, if a person ( person 1 ) would contravene subsection 1043A (1) of the Act by entering into a transaction or agreement (the new transaction or agreement ) on behalf of a person ( person 2 ) in relation to financial products issued by another person ( person 3 ) merely because person 1 is aware that person 2 proposes to enter into, or has previously entered into, one or more transactions or agreements in relation to financial products issued by a person other than person 3, subsection 1043A (1) does not have effect in relation to person 1 in relation to the new transaction or agreement.

(2) Subregulation (1) does not apply unless person 1 became aware of the matters referred to in that subregulation in the course of:

(a) the performance of duties as an officer of person 2; or

(b) acting as an agent of person 2.