Document ID: chunk:federal_register_of_legislation:C2004A01334:clause:7_708a:p1
Version: federal_register_of_legislation:C2004A01334
Segment Type: clause
Provision Reference: sch 7 cl 708A (pt 1/3)
Character Range: 371749–374301

708A  Sale offers that do not need disclosure

Sale offer to which this section applies

 (1) This section applies to an offer (the sale offer) of a body's securities (the relevant securities) for sale by a person if:
 (a) but for subsection (5), (11) or (12), disclosure to investors under this Part would be required by subsection 707(3) for the sale offer; and
 (b) the securities were not issued by the body with the purpose referred to in subparagraph 707(3)(b)(i); and
 (c) a determination under subsection (2) was not in force in relation to the body at the time when the relevant securities were issued.

Determination by ASIC

 (2) ASIC may make a determination under this subsection if ASIC is satisfied that in the previous 12 months the body contravened any of the following provisions:
 (a) subsection 283AA(1), 283AB(1) or 283AC(1);
 (b) the provisions of Chapter 2M as they apply to the body;
 (c) section 674 or 675;
 (d) section 724 or 728;
 (e) subsection (9) of this section; or
 (f) section 1308 as that section applies to a notice under subsection (5) of this section.

 (3) The determination must be made in writing and a copy must be published in the Gazette as soon as practicable after the determination is made.

 (4) A failure to publish a copy of the determination does not affect the validity of the determination.

Sale offer of quoted securities—case 1

 (5) The sale offer does not need disclosure to investors under this Part if:
 (a) the relevant securities are in a class of securities that were quoted securities at all times in the 12 months before the day on which the relevant securities were issued; and
 (b) trading in that class of securities on a prescribed financial market on which they were quoted was not suspended for more than a total of 5 days in that 12 months; and
 (c) no exemption under section 111AS or 111AT covered the body, or any person as director or auditor of the body, at any time in that 12 months; and
 (d) no order under section 340 or 341 covered the body, or any person as director or auditor of the body, at any time in that 12 months; and
 (e) the body gives the relevant market operator for the body a notice that complies with subsection (6) before the day on which the sale offer is made.

 (6) A notice complies with this subsection if the notice:
 (a) is given within 5 business days after the day on which the relevant securities were issued by the body; and
 (b) states that the body issued the relevant securities without disclosure to investors under this Part; and
 (c)