Document ID: chunk:federal_register_of_legislation:F2024C01249:schedule:10aa:p1
Version: federal_register_of_legislation:F2024C01249
Segment Type: schedule
Provision Reference: sch 10AA (pt 1/2)
Character Range: 2273276–2275959

Schedule 10AA—Modifications of the Act in relation to their application in respect of a recognised offer or a proposed offer of securities that may become a recognised offer
(regulation 8.4.02)

Part 1—Modification of Part 6D.2 of the Act—disclosure to investors not required for recognised offer under Chapter 8

1.1  After subsection 707(3)
insert
 (3A) Subsection (3) does not apply to an offer of a body's securities for sale if the body issued the securities as part of a recognised offer under Chapter 8.
 (3B) Subsection (3) does not apply to an offer of a body's securities for sale if:
 (a) the securities were issued by reason of the exercise of options or the conversion of convertible or converting securities; and
 (b) the options or other convertible or converting securities were issued as part of a recognised offer under Chapter 8; and
 (c) the exercise of the option, or the conversion of the security, did not involve any further offer.

1.2  After subsection 707(5)
insert
 (5A) Subsection (5) does not apply to an offer of a body's securities for sale if the controller sold the securities as part of a recognised offer under Chapter 8.

Part 2—Modification of Part 7.9 of the Act—disclosure to investors not required for recognised offer under Chapter 8

2.1  After subsection 1012C(6)
insert
 (6A) Subsection (6) does not apply to an offer of a financial product for sale if the issuer issued the financial product as part of a recognised offer under Chapter 8.
 (6B) Subsection (6) does not apply to an offer of a financial product for sale if:
 (a) the financial product was issued by reason of the exercise of an option or the conversion of another convertible or converting security; and
 (b) the option or convertible or converting security was issued as part of a recognised offer under Chapter 8; and
 (c) the exercise of the option, or the conversion of the security, did not involve a further offer.

2.2  After subsection 1012C(8)
insert
 (8A) Subsection (8) does not apply to the offer of a financial product for sale if the controller sold the financial product as part of a recognised offer under Chapter 8.

2.3  After subsection 1012IA(3)
insert
 (3A) In determining whether this section requires a provider to give a client a Product Disclosure Statement, Chapter 8 is to be disregarded.
 (3B) A provider is not required to give a client a Product Disclosure Statement for a financial product if:
 (a) the provider reasonably believes there is a recognised offer under Chapter 8 in relation to the financial product; and
 (b) the financial product is an interest in a managed investment scheme governed by the laws of New Zealand; and
 (c)