Document ID: chunk:federal_register_of_legislation:C2025C00185:section:708:p3
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 708 (pt 3/5)
Character Range: 2724822–2727447

Division 3 of Part 7.7 when providing financial advice. ASIC has a power under section 915C to suspend or cancel a licensee's licence.
 (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.
 (9A) In addition to specifying amounts for the purposes of subparagraphs (8)(c)(i) and (ii), the regulations may do either or both of the following:
 (a) deal with how net assets referred to in subparagraph (8)(c)(i) are to be determined and valued, either generally or in specified circumstances;
 (b) deal with how gross income referred to in subparagraph (8)(c)(ii) is to be calculated, either generally or in specified circumstances.
 (9B) In determining the net assets of a person under subparagraph (8)(c)(i), the net assets of a company or trust controlled by the person may be included.
Note: Control is defined in section 50AA.
 (9C) In determining the gross income of a person under subparagraph (8)(c)(ii), the gross income of a company or trust controlled by the person may be included.
Note: Control is defined in section 50AA.
 (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 financial services licensee; and
 (b) the licensee 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 licensee gives the person before, or at the time when, the offer is made a written statement of the licensee'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 licensee 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 covered by the definition of professional investor in section 9 (except a person mentioned in paragraph (e) of the definition); or
 (b) a person who has or controls gross assets of at least $10 million (including any assets held by an associate or under