Document ID: chunk:federal_register_of_legislation:C2025C00185:section:734:p1
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 734 (pt 1/4)
Character Range: 2830543–2833340

734  Restrictions on advertising and publicity

No advertising or publicity for offers covered by the exception for 20 issues in 12 months
 (1) A person must not:
 (a) advertise; or
 (b) publish a statement that directly or indirectly refers to;
an offer, or intended offer, of securities that would need a disclosure document but for subsection 708(1) (exception for 20 issues in 12 months).

Advertising or publicity for offers that need a disclosure document
 (2) If an offer, or intended offer, of securities needs a disclosure document, a person must not:
 (a) advertise the offer or intended offer; or
 (b) publish a statement that:
 (i) directly or indirectly refers to the offer or intended offer; or
 (ii) is reasonably likely to induce people to apply for the securities.
 (2A) Subsection (2) does not apply if the advertisement or publication is authorised by subsection (4), (5), (6) or (7).
Note: A defendant bears an evidential burden in relation to the matter in subsection (2A), see subsection 13.3(3) of the Criminal Code.

Strict liability offences
 (2B) An offence based on subsection (1) or (2) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

Image advertising
 (3) In deciding whether a statement:
 (a) indirectly refers to an offer, or intended offer, of securities; or
 (b) is reasonably likely to induce people to apply for securities;
have regard to whether the statement:
 (c) forms part of the normal advertising of a body's products or services and is genuinely directed at maintaining its existing customers, or attracting new customers, for those products or services; and
 (d) communicates information that materially deals with the affairs of the body; and
 (e) is likely to encourage investment decisions being made on the basis of the statement rather than on the basis of information contained in a disclosure document.

Dissemination of disclosure document
 (4) A person may disseminate a disclosure document that has been lodged with ASIC without contravening subsection (2). This does not apply if an order under section 739 is in force in relation to the offer.
Note: Subsection (4) has an extended operation in relation to recognised offers under Chapter 8 (see subsection 1200L(1)).

Advertising and publicity before the disclosure document is lodged
 (5) Before the disclosure document is lodged, an advertisement or publication does not contravene subsection (2) if it:
 (a) if the offer is of securities in a class already quoted—includes a statement that:
 (i) if the securities are likely to be offered by way of issue—identifies the issuer of the securities; and
 (ii) if the securities are likely to be offered pursuant to sale offers to which section 707 will apply—identifies the issuer of the