Document ID: chunk:federal_register_of_legislation:C2025C00185:section:708a:p1
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 708A (pt 1/4)
Character Range: 2736395–2738993

708A  Sale offers that do not need disclosure

Sale offers 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.
 (1A) This section also 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), disclosure to investors under this Part would be required by subsection 707(5) for the sale offer; and
 (b) the securities were not sold by the controller with the purpose referred to in subparagraph 707(5)(c)(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, 674A, 675 or 675A;
 (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 3 months before the day on which the relevant securities were issued; and
 (b) trading in that class of securities on a declared financial market on which they were quoted was not suspended for more than a total of 5 days during the shorter of the period during which the class of securities were quoted, and the period of 12 months before the day on which the relevant securities were issued; and
 (c) no exemption under section 111AS or 111AT covered the body, or any person as director or auditor of