Document ID: chunk:federal_register_of_legislation:F2023L01223:body:0:p3
Version: federal_register_of_legislation:F2023L01223
Segment Type: other
Provision Reference: 
Character Range: 5090–7834

it would be unreasonable to make the offer to the non-resident having regard to each of the following:
(A) the number of members of the retail CCIV in the place (the relevant place) where the registered address of the non-resident is situated;
(B) the number and the value of the shares that may be issued to non-residents in the relevant place;
(C) the cost of complying with legal requirements and the requirements of any relevant regulatory authority applicable to making the offer in the relevant place;
(b) offering shares to some members of a sub-fund of the retail CCIV (the priority offerees) who would be acquiring as wholesale clients at an earlier time than other members where:
(i) the terms of the offer require the priority offerees to notify the corporate director of their acceptance of the offer by a date that occurs before another date by which other members of the sub-fund are to notify their acceptance; and
(ii) under the terms of the offers shares will not be issued to the priority offerees before the earliest date on which shares may be issued to the other members of the sub-fund; and
(iii) shares are only issued to the priority offerees in accordance with the terms of the offers required by subparagraphs (i) and (ii);
(c) dealing with complaints made by members of a sub-fund of the retail CCIV who acquire a share as wholesale clients differently from complaints by other members of the sub-fund;
(d) offering and issuing shares in accordance with ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547.

7 Equal treatment relief—corporate director of a wholesale CCIV
A corporate director of a wholesale CCIV does not have to comply with paragraph 1224D(3)(b) of the Act to the extent that it would prevent the corporate director from not making an offer of shares to a member of the wholesale CCIV (a non-resident) with a registered address outside Australia and New Zealand,  if the corporate director:
           (a) where the offer is renounceable—appoints a nominee to sell the rights to acquire the shares that are not offered to the non-residents and distribute to each non-resident their proportion of the proceeds of sale net of expenses; or
           (b) in any other case—determines that it would be unreasonable to make the offer to the non-resident having regard to each of the following:
              (i) the number of members of the wholesale CCIV in the place (the relevant place) where the registered address of the non-resident is situated;
              (ii) the number and the value of the shares that may be issued to non-residents in the relevant place;
              (iii) the cost of complying with legal requirements and the requirements of any relevant regulatory