Section 302C

the offers are made to no more than 50 persons within any period of 12 months;

none of the offers is accompanied by an advertisement making an offer or calling attention to the offer or intended offer;

no selling or promotional expenses are paid or incurred in connection with each offer other than those incurred for administrative or professional services, or by way of commission or fee for services rendered by any of the persons specified in section 302B(1)(d)(i), (ii), (iii), (iv) and (v); and

no prospectus in respect of any of the offers has been registered by the Authority or, where a prospectus has been registered —

the prospectus has expired pursuant to section 299; or

the person making the offer has before making the offer —

informed the Authority by written notice of its intent to make the offer in reliance on the exemption under this subsection; and

taken reasonable steps to inform in writing the person to whom the offer is made that the offer is made in reliance on the exemption under this subsection.

an offer of units in the same collective investment scheme is made by the firstmentioned person; or

an offer of units in a collective investment scheme, securities or securities‑based derivatives contracts is made by the firstmentioned person or another person where such offer is a closely related offer,(if any) within that period in reliance on the exemption under this section or section 272B must be included.

an offer of units in a collective investment scheme to an entity or to a trustee is treated as an offer to a single person, provided that the entity or trust is not formed primarily for the purpose of acquiring the units which are the subject of the offer;

an offer of units in a collective investment scheme to an entity or to a trustee is treated as an offer to the equity owners, partners or members of that entity, or to the beneficiaries of the trust (as the case may be) if the entity or trust is formed primarily for the purpose of acquiring the units which are the subject of the offer;

an offer of units in a collective investment scheme to 2 or more persons who will own the units acquired as joint owners is treated as an offer to a single person;

an offer of units in a collective investment scheme to a person acting on behalf of another person (whether as an agent or otherwise) is treated as an offer made to that other person;

offers of units in a collective investment scheme made by a person as an agent of another person are treated as offers made by that other person;

where an offer of units in a collective investment scheme is made to a person with a view to another person acquiring an interest in those units by virtue of section 4, only the second‑mentioned person is counted for the purposes of determining whether offers of the units are made to no more than the applicable number of persons specified in subsection (1)(a); and

where —

an offer of units in a collective investment scheme is made to a person in reliance on the exemption under subsection (1) with a view to those units being subsequently offered for sale to another person; and

that subsequent offer —

is not made in reliance on an exemption under any provision of this Subdivision; or

is made in reliance on an exemption under subsection (1) or section 305C,both persons are counted for the purposes of determining whether offers of the units are made to no more than the applicable number of persons specified in subsection (1)(a).