Document ID: chunk:federal_register_of_legislation:F2017C00885:body:0:p3
Version: federal_register_of_legislation:F2017C00885
Segment Type: other
Provision Reference: 
Character Range: 5445–8326

in a managed investment scheme in response to a personal offer of that kind does not need a Product Disclosure Statement under this Part.
              (3) For the purposes of this section, a personal offer is one that:
                  (a) may only be accepted by the person to whom it is made; and
                  (b) is made to a person who is likely to be interested in the offer, having regard to:
                     (i) previous contact between the person making the offer and that person; or
                     (ii) some professional or other connection between the person making the offer and that person; or
                     (iii) statements or actions by that person that indicate that they are interested in offers of that kind.
              (4) An offer of an interest in a managed investment scheme results in a breach of the 20 purchasers ceiling if it results in the number of people to whom the issuer has issued interests in the managed investment scheme exceeding 20 in any 12 month period.

              (5) In counting issues of interests in managed investment schemes issued by the issuer for the purposes of subsection (1), disregard issues that result from offers that:
                  (a) do not need a Product Disclosure Statement (otherwise than because of this section); or
                  (b) are made under a Product Disclosure Statement.
              (6) In counting issues of interests in managed investment schemes issued by the issuer for the purposes of subsection (1), disregard any issues made by a body if:
                  (a) the body was a managed investment scheme (but not a registered scheme) at the time that the offer of interests in the scheme that resulted in the issues was made; and
                  (b) the body became a registered scheme within 12 months after that offer was made; and
                  (c) the offer would not have required a Product Disclosure Statement (otherwise than because of this section) if the managed investment scheme had been a registered scheme at the time that the offer was made.
              (7) If a person relies on subsection (1) to make offers of interests in a managed investment scheme without a Product Disclosure Statement under this Part, the person must not issue, or arrange for the issue of, interests in a managed investment scheme if the issue would result in a breach of the 20 purchasers ceiling (see subsections (4), (5), and (6)).
              (8) For the purposes of this section, an offer of an interest in a managed investment scheme is an offer to:
                  (a) issue an interest in the scheme; or
                  (b) arrange for the issue of an interest in the scheme.";
           (b) in subsection 1018B(1) omit "because of section 1012E.", substitute "because of section 1012E or 1012EA.".
(3) The declarations in subsections (1) and (2)