3. Offers that are not public offers under old law

The old law shall apply as if the new law had not been enacted, in relation to an offer of securities that —

is made before the appointed date and has not closed by that date; or

is made at any time within the period of 2 months beginning with that date and closes before or on the last day of that period,if the offer —

is not an offer to the public under the original Act; but(ii)is one to which Subdivision (2) and (in the case of an offer of debentures) Subdivision (3) of Division 1 of Part XIII of the principal Act would (but for this regulation) apply.