Corporations Regulations 2001

CHAPTER 1 - INTRODUCTORY  

PART 1.2A - DISCLOSING ENTITIES  

REGULATION 1.2A.03   FOREIGN COMPANIES ISSUING SECURITIES UNDER EMPLOYEE SHARE SCHEME EXEMPT FROM THE DISCLOSING ENTITY PROVISIONS  

1.2A.03(1)   [ Exemption]  

For section 111AS of the Act, a foreign company is exempt from the disclosing entity provisions in respect of an offer of shares in the company for issue or sale:

(a) that is made to employees of the company, or of an associated body corporate, under an employee share scheme; and

(b) in relation to which a disclosure document is lodged with ASIC.

1.2A.03(2)   [ Non-employees obtaining interest under employee share scheme]  

Subregulation (1) is not affected by any action of an employee, the result of which is that another person who is not an employee acquires an interest in a share issued under the employee share scheme.

1.2A.03(3)   [ Definitions]  

For this regulation:

(a) an employee share scheme is a scheme under which a company offers for issue or sale shares (or options over issued shares) in the company only to a person who is a full-time or part-time director or employee of the company or of an associated body corporate when the offer is made; and

(b) a body corporate is an associated body corporate in relation to a foreign company if:

(i) the body corporate is related to the company within the meaning of section 50 of the Act; or

(ii) the body corporate is entitled to at least 20% of the voting shares of the company; or

(iii) the company is entitled to at least 20% of the voting shares of the body corporate.