(1)
An offer of financial products to a close business associate of the offeror does not require disclosure under Part 3 of this Act.
(2)
A person (A) is a close business associate of the offeror if—
A is a director or senior manager of the offeror or of a related body corporate of the offeror; or
A holds or controls 5% or more of the voting products of the offeror; or
A is a related body corporate of the offeror; or
A holds or controls 20% or more of the voting products of a related body corporate of the offeror; or
A is a partner of the offeror or of a director of the offeror (under the Partnership Law Act 2019); or
A is a spouse, civil union partner, or de facto partner of a person who is a close business associate of the offeror under any of paragraphs (a) to (e) or subclause (3); or
A is a child, parent, brother, or sister of a person who is a close business associate of the offeror under any of paragraphs (a) to (f) or subclause (3) (whether or not by a step relationship).
(3)
A person (A) is also a close business associate of the offeror, in relation to an offer of financial products, if A has a close professional or business relationship with the offeror, or a director or senior manager of the offeror, that allows A to—
assess the merits of the offer; or
obtain information from the offeror or any other person involved in the offer that will enable A to assess the merits of the offer.
(4)
In this clause, control, in relation to a voting product, means having, directly or indirectly, effective control of the voting rights attached to the product.
Schedule 1 clause 4(2)(e): amended, on 21 April 2020, by section 86 of the Partnership Law Act 2019 (2019 No 53).