Document ID: chunk:federal_register_of_legislation:F2016L00328:body:0:p1
Version: federal_register_of_legislation:F2016L00328
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ASIC Corporations (Minimum Subscription and Quotation Conditions) Instrument 2016/70
I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date  9 March 2016

Grant Moodie

Contents

Part 1—Preliminary
1 Name of legislative instrument
2 Commencement
3 Authority
4 Definitions
Part 2—Declaration
5 Minimum subscription and quotation condition

Part 1—Preliminary

1 Name of legislative instrument
This instrument is ASIC Corporations (Minimum  Subscription  and Quotation Conditions) Instrument 2016/70.

2 Commencement
This instrument commences on the day after it is registered on the Federal Register of Legislation.
Note: The register may be accessed at www.legislation.gov.au.

3 Authority
This instrument is made under section 741 of the Corporations Act 2001.

4 Definitions
In this instrument:
Act means the Corporations Act 2001.

Part 2—Declaration

5 Minimum subscription and quotation condition
    Chapter 6D of the Act applies to all persons as if the following provisions were modified or varied:
(a) after subsection 723(2) insert:
            "(2A) If:
                (a) a disclosure document, or a refresh document within the meaning of subsection 724(3H), for an offer of securities is or was subject to a condition of a kind mentioned in subsection (2); and
                (b) one or more supplementary or replacement documents (an updating  document) or one or more refresh documents (an updating document) are lodged within 4 months after the date of the disclosure document or the refresh document;
            then, for the purposes of that subsection and despite subsections 719(4) and (5), a person that applies for securities under the updating document is taken to have applied for the securities under the disclosure document or the refresh document being supplemented or replaced.";
(b) after subsection 723(3) insert:
            "(3A) If:
                (a) a disclosure document, or a refresh document within the meaning of subsection 724(3H),  for an offer of securities is or was subject to a condition of a kind mentioned in subsection (3); and
                (b) one or more supplementary or replacement documents (an updating document) or one or more refresh documents (an updating document) are lodged within 3 months after the date of the disclosure document or the refresh document;
            then, for the purposes of that subsection and despite subsections 719(4) and (5), a person that applies for securities under the updating document is taken to have applied for the securities under the disclosure document or the refresh document being supplemented or replaced.";

(c) omit paragraphs 724(1)(a) and (b);
(d) in subsection 724(1) omit "For the purpose of working out whether a condition referred to in paragraph (a)  has been satisfied, a person who has agreed to take securities as underwriter is taken to have applied for those securities";
(e) after subsection 724(3) insert:
            "Minimum subscription condition not met
            (3A) If a person offer