ASIC Corporations (Offers over the internet) Instrument 2017/181

I, Stephen Yen PSM, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date: 1 March 2017

Stephen Yen

Contents

Part 1—Preliminary

1 Name of legislative instrument

2 Commencement

3 Authority

4 Definitions

Part 2—Exemptions

5 Exemption from obligations relating to Product Disclosure Statements and advertising of financial products

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Offers over the internet) Instrument 2017/181.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note: The register may be accessed at www.legislation.gov.au.

3 Authority

This instrument is made under subsection 1020F(1) of the Corporations Act 2001.

4 Definitions

In this instrument:

Act means the Corporations Act 2001.

offer includes an invitation to make an offer.

Part 2—Exemptions

5 Exemption from obligations relating to Product Disclosure Statements and advertising of financial products

(1) A person does not have to comply with Divisions 2 or 4 of Part 7.9 of the Act when making an offer of financial products to people outside of this jurisdiction on or through the internet in such a way that the offer is available to, or received by, people in this jurisdiction.

(2) The exemption applies where all of the following apply:

(a) the receipt of the offer in this jurisdiction is merely incidental to the making of the offer outside this jurisdiction;

(b) the person takes reasonable steps to ensure that people in this jurisdiction are excluded from accepting the offer;

(c) the offer is not made in this jurisdiction by any other means, unless the ASIC Corporations (Foreign Securities—Incidental Advertising) Instrument 2015/360 applies to the making of the offer.