Clause 299

No person shall make an offer of units in a collective investment scheme to the public for subscription or purchase, or an invitation to the public to subscribe for or purchase units in a collective investment scheme, on the basis of a prospectus or profile statement after the expiration of 12 months from the date of registration of the prospectus by the Authority.

Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part thereof during which the offence continues after conviction.

Where an issue or sale of units in a collective investment scheme is made on the basis of a prospectus or profile statement after the expiration of 12 months from the date of registration of the prospectus by the Authority, such issue or sale shall not, by reason only of that fact, be voidable or void.