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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.8 - OTHER PROVISIONS RELATING TO CONDUCT ETC. CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE    View history reference

Division 8 - Miscellaneous    View history reference

SECTION 992AA  PROHIBITION OF HAWKING OF MANAGED INVESTMENT PRODUCTS  

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992AA(1)  [Unsolicited meetings and telephone calls]  


A person must not offer interests in managed investment schemes for issue or sale in the course of, or because of:


(a) an unsolicited meeting with another person; or


(b) an unsolicited telephone call to another person;

unless the offer is exempted under subsection (2).

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

992AA(2)  [Limitation]  


Subsection (1) does not apply to an offer of interests in managed investment schemes if:


(a) the offer is not to a retail client;


(b) the offer is an offer of interests in a listed managed investment scheme made by telephone by a financial services licensee; or


(c) the offer is made to a client by a financial services licensee through whom the client has acquired or disposed of an interest in a managed investment scheme in the previous 12 months; or


(d) the offer is made under an eligible employee share scheme.
 View history reference

[CCH Note: Act No 101 of 2007, Sch 1, Pt 6[228] contained the following application provision (which was effective 28 June 2007):

Application of items 4, 5, 86, 92, 106, 131 and 132

The amendments made by items 4, 5, 86, 92, 106, 131 and 132 of this Schedule apply to employee share schemes offered on or after the day on which those items commence.

]

992AA(3)  [Reference to offer]  

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For the purposes of this section:


(a) a reference to offering interests in a managed investment scheme for issue includes a reference to inviting an application for the issue of interests in the scheme; and


(b) a reference to offering interests in a managed investment scheme for sale includes a reference to inviting an offer to purchase interests in the scheme.


 



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