Clause 146

by deleting the words “of an entity” in subsection (1) and substituting the words “or securities‑based derivatives contracts of an entity or of a business trust”;

by deleting sub-paragraphs (i), (ii) and (iii) of subsection (1)(c) and substituting the following sub‑paragraphs:“(i)the holder of a capital markets services licence to deal in capital markets products that are securities or securities‑based derivatives contracts;

an exempt person in respect of dealing in capital markets products that are securities or securities‑based derivatives contracts;

a person who is licensed, approved, authorised or otherwise regulated under the laws, codes or other requirements of any foreign jurisdiction in respect of dealing in capital markets products that are securities or securities‑based derivatives contracts; or

a person who is exempt from the laws, codes or requirements mentioned in sub‑paragraph (iii) in respect of dealing in capital markets products that are securities or securities‑based derivatives contracts; and”;

by deleting subsection (3) and substituting the following subsection:“(3) In determining whether offers of securities or securities‑based derivatives contracts by a person are made to no more than the applicable number of persons specified in subsection (1)(a) within a period of 12 months, the following persons must be included:

each person to whom an offer of securities or securities‑based derivatives contracts issued by the same entity is made by the firstmentioned person within that period in reliance on the exemption under this section;

each person to whom an offer of securities or securities‑based derivatives contracts of an entity or a business trust, or units in a collective investment scheme, is made by the firstmentioned person or another person where such offer is a closely related offer, within that period in reliance on the exemption under this section or section 302C.”; and

by inserting, immediately after the word “securities” wherever it appears in subsection (5), the words “or securities‑based derivatives contracts”.