Clause 7

in subsection (2A), replace “institutional investors, relevant persons as defined in section 305(5) and persons to whom an offer referred to in section 305(2) is to be made” with “any person”;

in subsection (2A)(a)(i), insert “and” at the end;

in subsection (2A)(a), delete sub‑paragraph (ii); and

in subsection (2B), replace paragraph (a) with —“(a)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 any person if —

the person states in the oral or written material (as the case may be) that such matters are subject to further amendments and completion in the prospectus to be registered by the Authority;

the person states in the oral material, or in bold lettering in the written material (as the case may be), that no offer or agreement may be made on the basis of such material to purchase or subscribe for any units in the collective investment scheme to which the material relates;

such material does not contain or have attached to it any form of application mentioned in subsection (2A)(b); and

when the prospectus is registered by the Authority, the person takes reasonable steps to notify the persons to whom the material was presented that the registered prospectus is available for collection; or”.