Document ID: chunk:federal_register_of_legislation:F2022L01274:body:0:p3
Version: federal_register_of_legislation:F2022L01274
Segment Type: other
Provision Reference: 
Character Range: 5402–8402

is acting in relation to the introduction service; and
(c)             the date the person will start to rely on anan exemption or exemptions in Part 2 of this instrument, being no earlier than the date of the reliance notice.
       scheme has the meaning given by section 9 of the Act.
       scheme interests means a right to benefits produced by the scheme (whether the right is actual, prospective or contingent and whether it is enforceable or not).
       seller means a person who through a publication or at a meeting offers or recommends scheme interests for sale, other than an offer to which subsection 1012C(6) applies, and any person acting for or on behalf of a seller who makes such an offer.

    Part 2—Exemptions

5 Operator

       (1) An operator does not have to comply with any of the following in conducting an introduction service:

           (a) Part 7.9 of the Act; and

           (b) subsection 992A(1) of the Act.
Note: This exemption does not affect an operator's obligations under Part 7.8A of the Act (design and distribution obligations).
(2) The exemption in subsection (1) applies where all the following are satisfied:
    Reliance notice

           (a) the operator gives ASIC a reliance notice that complies with the definition of 'reliance notice' in section 4 of this instrument;
    Pecuniary interests

           (b) neither the operator nor any associate of the operator has any pecuniary interest in the outcome of any investment decision by the users of the introduction service, other than the charging of a fee for providing the introduction service or the payment of an introduction commission;

Publication content

           (c) every publication contains prominent statements to the effect that:

              (i) investment in new business carries high risks, is highly speculative and before investing in any project about which information is given, prospective investors are strongly advised to take appropriate professional advice;

              (ii)  the information contained in the publication has been prepared by or on behalf of the issuer or seller of the scheme interests and neither the operator nor publisher (if any) has undertaken an independent review of the information contained in the publication;

              (iii)  the information contained in the publication about the proposed business opportunity and the scheme interests is not intended to be the only information on which the investment decision is made. It is not a substitute for a Product Disclosure Statement or any other disclosure that may be required under the Act. Detailed information may be needed to make an investment decision, for example: financial statements; a business plan; information about ownership of intellectual or industrial property; or expert opinions, including valuations or auditors reports;

              (iv) prospective investors should be aware that no established market exists for the trading of any scheme interests