Raks, the ammended bill is here...

Raks, the ammended bill is here http://www.treasury.gov.au/contentitem.asp?NavId=037&ContentID=1418

Senator Nick Sherry, Minister for Superannuation and Corporate Law mentions in an earlier release that:

" The draft legislation will address any ambiguity around covered short selling and will require the disclosure of transactions where a seller has entered into a securities lending arrangement to cover a sale.

In particular, covered short sales would have to be disclosed by sellers to a financial services licensee who in turn would be required to disclose the position to the market operator. Financial services licensees trading on their own behalf will be required to disclose covered short sales directly to the market operator. It will be an offence if a seller or financial services licensee does not disclose details of a covered short sale.

“Australian investors will also be able to access details about the level of covered short sale activity in Australian securities. This measure will promote confidence in Australian capital markets by minimising speculation about the activity of short sellers,” said Minister Sherry.

The draft legislation will be supplemented by regulations covering more detailed aspects of disclosure requirements and will be able to reflect changes in markets and trading behaviour.

“At such time that ASIC re-allows limited covered short selling, clarity around covered sale transactions will increase market transparency, prevent market manipulation, assist regulator surveillance and enable compliance with continuous disclosure obligations – all critical steps to keep confidence high in the Australian market.”