Corporations Regulations 2001
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](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.
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