Document ID: chunk:federal_register_of_legislation:F2016L00334:body:0:p2
Version: federal_register_of_legislation:F2016L00334
Segment Type: other
Provision Reference: 
Character Range: 2609–5237

end of subsection (2) insert:
              "Note: Paragraph (b) covers offers made to persons because they hold interests in the relevant class.  It does not cover offers made to persons in some other capacity, for example, because they hold financial products which are convertible into interests in the relevant class.  Accordingly, these other offers do not affect whether the conditions in paragraph (b) or (c) are met.".
(3) Chapter 6D and Part 7.9 of the Act respectively apply to, and in relation to, all persons as if section 9A were modified or varied as follows:
 (a) omit paragraph (3)(c), substitute:
 "(c) if the invitation to apply for, or the right to be issued with, the securities or interests is able to be assigned—the body or responsible entity:
(i) advises each non-resident in that place that a process will be conducted under which the securities or interests that would otherwise have been offered to the non-resident, or the invitations to apply for or rights to be issued with the securities or interests, will be offered for issue or sale to other persons; and
(ii) advises each non-resident of the main features of the process; and
(iii) advises each non-resident that they will be sent any net proceeds to which they are entitled from the issue or sale of the securities, interests, invitations or rights under the process.
Note: Paragraph (c) has no application where the invitation to apply for, or the right to be issued with, the securities or interests is not able to be assigned.  In such a case, there is no failure to meet the conditions in this subsection merely because the body or responsible entity decides to conduct a process of the kind described in that paragraph, whether in whole or in part.";
(b) omit subsection (4), substitute:
"(4) For the purpose of determining whether an offer of a body's securities or an offer of interests in a managed investment scheme (as the case requires) satisfies the conditions in subsection (1) or (2), disregard the following matters:
(a) some or all persons who are offered securities or interests as an exempt investor may:
(i) receive the offer before other persons to whom offers are made; or
(ii) be given a period of time to accept the offer which is less than the period of time given to other persons to whom offers are made;
(b) the securities or interests may be issued to a person as an exempt investor before securities or interests are issued to other persons under the offer, provided that any such issue to an exempt investor occurs no earlier than 2 months before the issue of securities or interests to other persons who are not