Clause 124

by inserting, immediately after the word “securities” wherever it appears in subsections (1), (4), (9A) and (17), the words “or securities‑based derivatives contracts”;

by deleting subsection (5) and substituting the following subsection:“(5) A person must not make any offer of securities or securities‑based derivatives contracts in respect of an entity or a business trust that has not been formed or does not exist.”;

by deleting the words “issuer or, where applicable, the underlying entity” in subsection (15)(a) and substituting the words “issuer or the trustee‑manager of the business trust or, where applicable, the underlying entity or the business trust”; and

deleting the words “issuer or, where applicable, the underlying entity” in subsection (15)(c) and substituting the words “issuer or the trustee‑manager of the business trust or, where applicable, the underlying entity, or in relation to or in respect of the trust property of the business trust”.