Document ID: chunk:federal_register_of_legislation:C2004C01070:clause:1_708:p3
Version: federal_register_of_legislation:C2004C01070
Segment Type: clause
Provision Reference: sch 1 cl 708 (pt 3/5)
Character Range: 396216–398812

at least $2.5 million; or
 (ii) has a gross income for each of the last 2 financial years of at least $250,000 a year.

Note 1: Section 9 defines qualified accountant.

Note 2: Paragraph (c)—A dealer has obligations under Division 3 of Part 7.4 when making recommendations about securities and ASIC has power under section 826 to revoke a dealer's licence if the dealer contravenes paragraph 708(8)(c).

 (9) In calculating the amount payable, or paid, for securities for the purposes of paragraph (8)(a) or (b), disregard any amount payable, or paid, to the extent to which it is to be paid, or was paid, out of money lent by the person offering the securities or an associate.

 (10) An offer of a body's securities does not need disclosure to investors under this Part if:
 (a) the offer is made through a licensed dealer; and
 (b) the dealer is satisfied on reasonable grounds that the person to whom the offer is made has previous experience in investing in securities that allows them to assess:
 (i) the merits of the offer; and
 (ii) the value of the securities; and
 (iii) the risks involved in accepting the offer; and
 (iv) their own information needs; and
 (v) the adequacy of the information given by the person making the offer; and
 (c) the dealer gives the person before, or at the time when, the offer is made a written statement of the dealer's reasons for being satisfied as to those matters; and
 (d) the person to whom the offer is made signs a written acknowledgment before, or at the time when, the offer is made that the dealer has not given the person a disclosure document under this Part in relation to the offer.

Professional investors

 (11) An offer of securities does not need disclosure to investors under this Part if it is made to:
 (a) a person who is a licensed or exempt dealer and is acting as principal; or
 (b) a person who is a licensed or exempt investment adviser and is acting as principal; or
 (c) a body registered under the Life Insurance Act 1995; or
 (d) a body registered under the Financial Corporations Act 1974; or
 (e) a regulated superannuation fund, an approved deposit fund, a pooled superannuation trust, or a public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993 if the fund, trust or scheme has net assets of at least $10 million; or
 (f) a terminating building society within the meaning of the Financial Corporations Act 1974; or
 (g) a friendly society within the meaning of the Life Insurance Act 1995; or
 (h) a person who controls at least $10 million (including any amount