Document ID: chunk:federal_register_of_legislation:C2004C01070:clause:1_708:p2
Version: federal_register_of_legislation:C2004C01070
Segment Type: clause
Provision Reference: sch 1 cl 708 (pt 2/5)
Character Range: 393863–396446

the body's securities, and the amount raised from issues and sales, for the purposes of subsection (1), disregard issues and sales that result from offers that:
 (a) do not need a disclosure document because of any other subsection of this section; or
 (b) are not received in Australia; or
 (c) are made under a disclosure document.

Note: Also see provisions on restrictions on advertising (section 734) and securities hawking provisions (Part 6D.3).

 (6) In counting issues and sales of the body's securities, and the amount raised from issues and sales, for the purposes of subsection (1), disregard any issues and sales made by a body if:
 (a) the body was a managed investment scheme (but not a registered managed investment scheme) at the time that the offer of interests in the scheme that resulted in the issues or sales was made; and
 (b) the body became a registered managed investment scheme within 12 months after that offer was made; and
 (c) the offer would have been exempted under any other subsection of this section if the managed investment scheme had been a registered managed investment scheme at the time that the offer was made.

 (7) In working out the amount of money raised by the body by issuing securities, include the following:
 (a) the amount payable for the securities at the time when they are issued
 (b) if the securities are shares issued partly‑paid—any amount payable at a future time if a call is made
 (c) if the security is an option—any amount payable on the exercise of the option
 (d) if the securities carry a right to convert the securities into other securities—any amount payable on the exercise of that right.

Sophisticated investors

 (8) An offer of a body's securities does not need disclosure to investors under this Part if:
 (a) the minimum amount payable for the securities on acceptance of the offer by the person to whom the offer is made is at least $500,000; or
 (b) the amount payable for the securities on acceptance by the person to whom the offer is made and the amounts previously paid by the person for the body's securities of the same class that are held by the person add up to at least $500,000; or
 (c) it appears from a certificate given by a qualified accountant no more than 6 months before the offer is made that the person to whom the offer is made:
 (i) has net assets of at least $2.5 million; or
 (ii) has a gross income for each of the last 2 financial years of at least $250,000 a year.

Note 1: Section 9 defines qualified accountant.

Note 2: Paragraph (c)—A dealer has obligations under Division