- (1)
- For section 111AS of the Act, a foreign company is exempt from the
disclosing entity provisions in respect of an offer of shares in the company
for issue or sale:
- (a)
- that is made to employees of the company, or of an
associated body corporate, under an employee share scheme; and
- (b)
- in relation to which a disclosure document is lodged with ASIC.
- (2)
- Subregulation (1) is not affected by any action of an employee, the result
of which is that another person who is not an employee acquires an interest in
a share issued under the employee share scheme.
- (3)
- For this regulation:
- (a)
- an employee share scheme is a scheme under
which a company offers for issue or sale shares (or options over issued
shares) in the company only to a person who is a full-time or part-time
director or employee of the company or of an associated body corporate when
the offer is made; and
- (b)
- a body corporate is an associated body corporate in relation to a foreign
company if:
- (i)
- the body corporate is related to the company within the meaning of section
50 of the Act; or
- (ii)
- the body corporate is entitled to at least 20% of the voting shares of
the company; or
- (iii)
- the company is entitled to at least 20% of the voting shares of the body
corporate.
Chapter 2A Registration of companies