Corporations Act 2001
A profile statement must:
(a) identify the body and the nature of the securities; and
(b) state the nature of the risks involved in investing in the securities; and
(c) give details of all amounts payable in respect of the securities (including any amounts by way of fee, commission or charge); and
(d) state that the person given the profile statement is entitled to a copy of the prospectus free of charge; and
(e) state that:
(i) a copy of the statement has been lodged with ASIC; and
(ii) ASIC takes no responsibility for the content of the statement; and
(f) give any other information required by the regulations or by ASIC approval under subsection 709(3).
[ CCH Note 1: S 714(1) will be amended by No 69 of 2020, s 3, Sch 1 and [ 1091], by substituting " the Registrar " for " ASIC " in para (e)(i) and " neither ASIC nor the Registrar takes " for " ASIC takes no " in para (e)(ii) (effective 22 June 2022 or a day or days to be fixed by Proclamation).]
[ CCH Note 2: S 714(1A) will be inserted by No 69 of 2020, s 3, Sch 1 (effective 22 June 2022 or a day or days to be fixed by Proclamation). S 714(1A) will read:
Lodgement of the copy of the statement must meet any requirements of the data standards.]
The profile statement must state that no securities will be issued on the basis of the statement after the expiry date specified in the statement. The expiry date must not be later than 13 months after the date of the prospectus. The expiry date of a replacement statement must be the same as that of the original statement it replaces.
Note 1: Subsection 716(1) requires the profile statement to be dated.
Note 2: Section 719 deals with supplementary and replacement profile statements.