Clause 93

The principal Act is amended by inserting, immediately after section 305, the following section:“First sale of units acquired under exemption in section 305305A. Where units in a collective investment scheme initially acquired pursuant to an exemption in section 305 are first sold to any person other than one specified in section 304 or 305, the offer for sale of, or invitation to purchase, those units made to that person shall be regarded as an offer or invitation to the public in respect of units in a collective investment scheme.”.