Clause 73

by deleting subsection (2B) and substituting the following subsection:“(2B) Notwithstanding subsection (3A), a person does not contravene subsection (1) —

by presenting, before a prospectus or profile statement is registered by the Authority, oral or written material on matters contained in a preliminary document which has been lodged with the Authority, to institutional investors, relevant persons as defined in section 305(5) or persons to whom an offer referred to in section 305(2) is to be made; or

by presenting oral or written material on matters contained in a prospectus, profile statement or product highlights sheet which has been lodged with the Authority in respect of an offer of units in a collective investment scheme, before the prospectus or profile statement is registered by the Authority, for the sole purpose of equipping any of the following persons with knowledge of the collective investment scheme in order to enable the person to carry on the regulated activity of dealing in securities, or to provide any financial advisory service, in relation to the units in the collective investment scheme:

a person licensed under this Act in respect of dealing in securities;

an exempt person;

a person who is a representative in respect of dealing in securities under this Act;

a representative of an exempt person;

a person licensed under the Financial Advisers Act (Cap. 110) in respect of marketing of collective investment schemes;

an exempt financial adviser;

a person who is a representative in respect of marketing of collective investment schemes under the Financial Advisers Act;

a representative of an exempt financial adviser.”;

by deleting subsection (2C);

by deleting subsection (3) and substituting the following subsection:“(3) For the avoidance of doubt, a person may disseminate either or both of the following without contravening subsection (1):

a prospectus or profile statement that has been registered by the Authority under section 296;

a product highlights sheet in respect of which section 296A(1)(a) and (b) has been complied with.”;

by inserting, immediately after the words “prescribed by the Authority” in subsection (3C), the words “by regulations made under section 341”;

by deleting the word “or” at the end of subsection (4)(c)(iii);

by inserting, at the end of subsection (4)(c)(iv), the word “or”;

by inserting, immediately after sub-paragraph (iv) of subsection (4)(c), the following sub-paragraph:“(v)a product highlights sheet;”; and

by inserting, immediately after subsection (12), the following subsection:“(13) In subsection (2B) —“exempt financial adviser” and “financial advisory service” have the same meanings as in section 2(1) of the Financial Advisers Act;“representative” —

in relation to dealing in securities under this Act or an exempt person, has the same meaning as in section 2(1); or

in relation to marketing of collective investment schemes under the Financial Advisers Act or an exempt financial adviser, has the same meaning as in section 2(1) of that Act.”.