Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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)).
(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.
(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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