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New ASIC guidance on substantial holdings disclosure for securities lending

by Martha.Ware 18. April 2011 08:37

On Friday, ASIC released new regulatory guidance and relief aimed at achieving better disclosure by parties engaging in securities lending of substantial holdings in listed entities.

Under the new guidance, contained in Regulatory Guide 222 Substantial holding disclosure: securities lending and prime broking (RG 222), ASIC sets out its expectations as to how:

  • parties involved in securities lending (including securities lenders and borrowers) will disclose substantial holdings in listed entities (interest of 5% or more); and
  • prime brokers will disclose substantial holdings.

ASIC has also set out its expectations of the content of substantial holding notices that parties engaged in securities lending will have to provide, and has granted relief in [CO 11/272] to simplify the content of those notices and better align timing of disclosures to changes in control over securities.

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