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CORPORATIONS AMENDMENT REGULATIONS 2003 (NO. 2) 2003 NO. 48 - SCHEDULE 1
Amendment
(regulation 3)
[1] After regulation 7.1.33B
insert
7.1.33C Off-market
offers for financial products
(1) For paragraph 766A (1) (f) of the
Act, a person ( person 1 ) provides a financial service if:
- (a)
- person 1
makes an unsolicited offer to purchase a financial product from another person
( person 2 ) other than through a licensed financial market; and
- (b)
- person 2 acquired the financial product as a retail client.
(2) For paragraph 766A (2) (b) of the Act, a person to whom
subregulation (1) applies (as person 1) is taken not to provide a financial
service if person 1 tells person 2, in a clear and concise written statement
that is part of the offer:
(a) either:
- (i)
- the market value of each financial product and the total
market value of all financial products covered by the offer, as at the
date that the offer is issued, and the date and time that each value
is determined; or
(ii) if information about the market value of a financial product is not
available on the day of issue:
(A) a fair estimate of the value of the
product as at the date that the offer is issued; and
(B) the method by which the estimate was reached; and
(b)
that the offer remains open for a period that is:
- (i)
- at least 1 month; and
- (ii)
- not more than 12 months;
unless the offer is withdrawn in writing before the end of that period.
- (3)
- For subregulation (2), the market value or estimated value of a financial
product must be expressed in Australian dollars.
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