Document ID: chunk:federal_register_of_legislation:F2022L01274:body:0:p5
Version: federal_register_of_legislation:F2022L01274
Segment Type: other
Provision Reference: 
Character Range: 10931–13868

of scheme interests for more than $5 million in total in relation to any one managed investment scheme;

           (j) the publication does not contain any statement to the effect that the introduction service, the operator or any other person associated with the introduction service has been endorsed or approved by ASIC;

    Meetings

           (k) the operator, at every meeting does not issue or permit the issue of any application form for the scheme interests;

           (l) the operator, at every meeting, does not make any statement to the effect that that the introduction service, the operator or any other person associated with the introduction service has been endorsed or approved by ASIC;

           (m) the operator, at every meeting makes, at the start of the meeting, and circulates in writing to each person attending the meeting, statements to the effect that:

              (i) a prospective investor should obtain further information from the issuer or seller and conduct further enquiries about the proposed investment and the scheme interests that may be issued, or sold before applying for or acquiring the interests;

              (ii) requests for further information about a proposed investment and the relevant scheme interests may be made to the issuer or seller;

              (iii) a prospective investor is strongly advised to take appropriate professional advice before accepting an offer for issue or sale of any scheme interests, including advice about whether the proposed investment is suitable for that person's circumstances;

              (iv) no contract for the issue or sale of the scheme interests discussed at a meeting will be entered into on the day of the meeting between an issuer or seller and a prospective investor who attended the meeting;

              (v) under a contract for the issue or sale of scheme interests, the prospective investor is entitled a cooling off period as set out in paragraph 6(2)(k).

6 Issuer and Seller

       (1) An issuer or a seller does not have to comply with any of the following in relation to 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 issuer's or a seller'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 issuer or seller, as the case may be, gives ASIC a reliance notice that complies with the definition of 'reliance notice' in section 4 of this instrument;

       Limit on offers for scheme interests

           (b) total amount for which the scheme interests offered does not exceed $5 million in relation to any one scheme or schemes which are determined by ASIC to be closely related schemes under subsection 601ED(3) of the Act;