Document ID: chunk:federal_register_of_legislation:F2019C00686:body:0:p1
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ASIC Corporations (Sale Offers That Do Not Need Disclosure) Instrument 2016/80

About this compilation

Compilation No. 2

This is a compilation of ASIC Corporations (Sale Offers That Do Not Need Disclosure) Instrument 2016/80 as in force on 29 August 2019. It includes any commenced amendment affecting the legislative instrument to that date.

This compilation was prepared by the Australian Securities and Investments Commission.

The notes at the end of this compilation (the endnotes) include information
about amending instruments and the amendment history of each amended provision.

Contents

Part 1—Preliminary
1 Name of legislative instrument
3 Authority
4 Definitions
Part 2—Declaration
5 Sale offers that do not need disclosure
6 Stapled securities
Endnotes
Endnote 1—Instrument history
Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument
This instrument is ASIC Corporations (Sale Offers That Do Not Need Disclosure) Instrument 2016/80.

3 Authority
This instrument is made under sections 741 and 1020F of the Corporations Act 2001.

4 Definitions
In this instrument:
Act means the Corporations Act 2001.

       Part 2—Declaration

5 Sale offers that do not need disclosure

       (1) Chapter 6D of the Act applies to all persons as if subsections 707(3) and (4) were omitted and substituted with:

           "(3) An offer of a body's securities for sale within 12 months after their issue needs disclosure to investors under this Part if the body issued the securities:

              (a) without disclosure to investors under this Part; and

              (b) with the purpose of the person to whom they were issued:

                  (i) selling or transferring them; or

                  (ii) granting, issuing or transferring interests in, or options or warrants over, them;

           and section 708 or 708A does not say otherwise.".

       (2) Part 7.9 of the Act applies in relation to all persons as if subsections 1012C(6) and (7) were omitted and substituted with:

           "(6) This subsection covers the circumstances in which:

              (a) the offer is made within 12 months after the issue of the financial product;

              (b) the product was issued without a Product Disclosure Statement for the product being prepared; and

              (c) the issuer issued the product with the purpose of the person to whom it was issued selling or transferring the product, or granting, issuing or transferring interests in, or options or warrants over, the product.".

       (3) Subsections (1) and (2) apply in relation to:

               (a) offers of securities, interests in a managed investment scheme or interests in a notified foreign passport fund for sale; and

               (b) recommendations to acquire interests in a managed investment scheme or interests in a notified foreign passport fund by way of transfer;

               where the securities or interests are covered by an exempt category.

       (4) In this section, securities or interests are covered by an exempt category if they