Clause 121

by inserting, immediately after the word “securities” in paragraph (a), the words “or securities‑based derivatives contracts”; and

by renumbering the section as subsection (1) of that section, and by inserting immediately thereafter the following subsection:“(2) This Division does not apply to an offer of securities or securities‑based derivatives contracts being units or derivatives of units in a business trust, where —

the business trust is also a collective investment scheme that has been authorised under section 286 or recognised under section 287; or

the business trust is also a collective investment scheme and the offer is made in reliance on an exemption under Subdivision (4) of Division 2.”.