Shorts up to 7.2%, page-26

Wait what? No, if the price crashes then it makes no difference to the stock loan and ASIC won't do anything. If the stock price crashes for any arbitrary reason, the collateral requirement for the borrower gets smaller as the loan's value has reduced. That's it.

The lender can recall stock for any reason at any time, like when there is a shareholder vote, for example, or if they wish to sell and they need to settle their sale (by delivering stock). They can also recall because they just don't like the idea of lending it anymore. Any reason! Similarly, the borrower can return the stock any time, if they have it. A shorter would have to buy it or borrow some from someone else in order to return it, but they are completely free to do that at any time as well. ASIC has nothing to do with it.