Document ID: chunk:federal_register_of_legislation:F2017C00885:body:0:p2
Version: federal_register_of_legislation:F2017C00885
Segment Type: other
Provision Reference: 
Character Range: 2745–5695

expected that the most offers of securities will be received.

Part 2—Declaration

5 Small scale personal offers of foreign securities or interests
 (1) Chapter 6D of the Act applies to all persons as if the following provisions were modified or varied as follows:
           (a) after subsection 708(7) insert:
"Small scale offerings (20 issues in 12 months)
                (7A) Personal offers of a body's securities by the body do not need disclosure to investors under this Part if none of the offers results in a breach of the 20 investors ceiling (see subsection (7C)).
                (7B) For the purposes of subsection (7A), 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 body and that person; or
                       (ii) some professional or other connection between the body and that person; or
                       (iii) statements or actions by that person that indicate that they are interested in offers of that kind.
                (7C) An offer by a body to issue securities results in a breach of the 20 investors ceiling if it results in the number of people to whom securities of the body have been issued exceeding 20 in any 12 month period.
                (7D) In counting issues of the body's securities for the purposes of subsection (7A), disregard issues that result from offers that:
                   (a) do not need a disclosure document because of any other subsection of this section;
                   (b) are not received in Australia; or
                   (c) are made under a disclosure document.";

           (b) in subsection 734(1) omit "but for subsection 708(1)", substitute "but for subsection 708(1) or (7A)".
(2) Part 7.9 of the Act applies in relation to all persons as if the following provisions were modified or varied as follows:
           (a) in Division 2, after section 1012E, insert:
                  "1012EA Small scale offerings of interest in managed investment schemes (20 issues in 12 months)
              (1) Personal offers of interests in a managed investment scheme do not need a Product Disclosure Statement under this Part if:
                  (a) all of the interests in the scheme are issued by the same person (the issuer); and
                  (b) none of the offers results in a breach of the 20 purchasers ceiling (see subsection (4)).
              (2) If subsection (1) applies to an offer of interests in a managed investment scheme, a recommendation to a person to acquire interests 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