Corporations Legislation Amendment (Simpler Regulatory System) Act 2007 (101 of 2007)

Schedule 1   Amendments

Part 1   Amendments commencing on Royal Assent

Corporations Act 2001

77   Subsection 708(11)

Repeal the subsection, substitute:

Professional investors

(11) An offer of securities does not need disclosure to investors under this Part if it is made to:

(a) a person covered by the definition of professional investor in section 9 (except a person mentioned in paragraph (e) of the definition); or

(b) a person who has or controls gross assets of at least $10 million (including any assets held by an associate or under a trust that the person manages).