Commonwealth Numbered Regulations

1991 No. 92 BANKS (SHAREHOLDINGS) REGULATIONS (AMENDMENT) - REG 3

  3.1   After regulation 4, insert:
Prescribed classes of persons and prescribed interests-paragraph 8 (9) (d) of
the Act (brokers)

"5. (1) For the purposes of paragraph 8 (9) (d) of the Act:

   (a)  brokers comprise a prescribed class of persons; and

   (b)  any interest:

        (i)    that a broker has in voting shares of the Commonwealth Bank in
               relation to which the broker acts as principal; and

        (ii)   that, but for this regulation, would have the effect that a
               banking entity would have an interest referred to in subsection
               10A (1) of the Act in voting shares of the Bank whose aggregate
               nominal amount does not exceed 0.5% of the aggregate of the
               nominal amounts of all the voting shares of the Bank; is a
               prescribed interest; and

   (c)  any interest:

        (i)    that a broker has in voting shares of the Bank in relation to
               which the broker acts as an agent; and

        (ii)   that, but for this regulation, would have the effect that a
               banking entity would have an interest referred to in subsection
               10A (1) of the Act in voting shares of the Bank whose aggregate
               nominal amount does not exceed 5% of the aggregate of the
               nominal amounts of all the voting shares of the Bank; is a
               prescribed interest. Prescribed classes of persons and
               prescribed interests-paragraph 8 (9) (d) of the Act (certain
               underwriters)

"6. (1) In this regulation: 'sub-underwriter', in relation to an issue of
shares, means a person who is a party to an agreement with an underwriter that
obliges the first-mentioned person to subscribe for any of the shares in
circumstances specified in the agreement; 'underwriter', in relation to an
issue of shares, means a person who is a party to an agreement with the
company issuing the shares that includes a provision obliging the person to
subscribe for any of the shares in the event of a shortfall in public
subscriptions below an amount specified in the agreement.

"(2) For the purposes of paragraph 8 (9) (d) of the Act:

   (a)  persons who are both:

        (i)    underwriters or sub-underwriters in relation to the issue of
               shares by the Commonwealth Bank under its first registered
               prospectus; and

        (ii)   brokers or insurers; constitute a prescribed class of persons;
               and

   (b)  any interest:

        (i)    that a person referred to in paragraph (a) has in voting shares
               of the Commonwealth Bank in the course of, or arising out of,
               underwriting that issue; and

        (ii)   that, but for this regulation, would have the effect that a
               banking entity would have, in contravention of subsection 10A
               (1) of the Act, an interest in voting shares of the
               Commonwealth Bank; is a prescribed interest.

"(3) This regulation ceases to have effect on 1 July 1992.".