Document ID: chunk:federal_register_of_legislation:F2022C01165:body:0:p3
Version: federal_register_of_legislation:F2022C01165
Segment Type: other
Provision Reference: 
Character Range: 5363–7970

of the scrip does not have to comply with Part 6D.2 or 6D.3 of the Act in relation to the sale offer where the scrip was issued or transferred as consideration under a foreign scrip bid.

Interests in managed investment schemes and shares in CCIVs
(3) A person does not have to comply with section 1012B or 1012C of the Act where the person:
           (a) issues or sells; or
           (b) makes an offer to issue or sell; or
           (c) makes an offer to arrange for the issue of,
an interest (the scrip) in a managed investment scheme or a share (the scrip) in a CCIV as consideration under a foreign scrip bid that the person reasonably believes is made in accordance with the relevant regulatory requirements.
(4) A person that makes a sale offer of the scrip within 12 months after the issue of the scrip does not have to comply with section 1012C of the Act in relation to the sale offer where the scrip was issued or transferred as consideration under a foreign scrip bid.
(5) An adviser does not have to comply with section 1012A of the Act where the adviser makes a recommendation to acquire the scrip as consideration under a foreign scrip bid.
            Note:  Part 7.9 applies in relation to the issue and sale of shares in a CCIV, subject to modifications: see, in particular, section 1241Q.
Where this relief applies
(6) The exemptions in subsections (1) to (5) apply in relation to a foreign scrip bid in respect of which all of the following are satisfied:
           (a) Australian residents hold no more than 10% of the total number of securities in the bid class, as determined at a time, fixed in writing by the person offering the scrip in the 30 day period immediately before any offers, whether of a cash sum or scrip or a combination of a cash sum and scrip, under the bid are first made;
           (b) the securities in the bid class are in a class that is quoted on an approved foreign market;
              Note:  The scrip offered as consideration for the acquisition of securities in the bid class does not have to be in a class that is quoted on an approved foreign market.
           (c) where the relevant regulatory requirements require a document setting out the terms of, or other information relating to, the foreign scrip bid to be given or made available to offerees:
              (i) an English version of the document; or
              (ii) if no English version of the document is available—a version of the document that is given or made available to offerees in the eligible foreign country,
           is given or made available to Australian offerees at