Financial Services Reform Act 2001 (122 of 2001)

Schedule 1   Financial Services and Markets

Part 2   Consequential amendments

Corporations Act 2001

412A   Subsection 707(3)

Omit all the words from and including “if the body issued the securities” to and including the end of paragraph (b), substitute:

if:

(a) the body issued the securities without disclosure to investors under this Part; and

(b) either:

(i) the body issued the securities with the purpose of the person to whom they were issued selling or transferring the securities, or granting, issuing or transferring interests in, or options over, them; or

(ii) the person to whom the securities were issued acquired them with the purpose of selling or transferring the securities, or granting, issuing or transferring interests in, or options over, them;