Clause 54

by deleting subsections (4) and (5) and substituting the following subsections:“(4) Notwithstanding subsection (6), 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 275(2) or persons to whom an offer referred to in section 275(1A) 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 securities, 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 securities 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 securities:

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 advising on any investment product;

an exempt financial adviser;

a person who is a representative in respect of advising on any investment product under the Financial Advisers Act; (viii)a representative of an exempt financial adviser.(5) 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 240;

a product highlights sheet in respect of which section 240AA(1)(a) and (b) has been complied with.”;

by deleting the word “and” at the end of subsection (8)(b);

by deleting the full-stop at the end of paragraph (c) of subsection (8) and substituting the word “; and”, and by inserting immediately thereafter the following paragraph:“(d)it complies with such requirements as may be prescribed by the Authority by regulations made under section 341.”;

by inserting, at the end of subsection (9)(e)(iv), the word “or”;

by inserting, immediately after sub-paragraph (iv) of subsection (9)(e), the following sub-paragraph:“(v)a product highlights sheet;”; and

by inserting, immediately after subsection (18), the following subsection:“(18A) In subsection (4) —“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 advising on any investment product under the Financial Advisers Act or an exempt financial adviser, has the same meaning as in section 2(1) of that Act.”.