CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

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

Division 8 - Miscellaneous  

SECTION 992AA   PROHIBITION ON HAWKING OF INTERESTS IN MANAGED INVESTMENT SCHEMES  

992AA(1)  
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)  
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.

992AA(3)  


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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