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Summary of

Securities Act (Amendments to Exemption Notices Affecting Australian Issuers) Exemption Notice 2000

SR 2000/200

Gazetted on 5 October 2000

This notice brings up to date references in a number of Securities Act exemption notices (the notices) to sections of the Australian Corporations Law that have been replaced by virtue of the Corporate Law Economic Reform Program Act 1999 (Australia).

Context

The Corporate Law Economic Reform Program Act 1999 (Australia) amends the fundraising sections in Part 7.12 (including sections 1017 and 1084) of the Corporations Law (Australia). These sections came into force on 13 March 2000.

Consequently the notices incorporate references to now repealed provisions of the Corporations Law.

The notices are:

• Securities Act (Listed Australian Issuers Employee Share Schemes) Exemption Notice (No. 2) 1997
• Securities Act (Aristocrat Leisure Industries Pty Limited) Exemption Notice 1999
• Securities Act (Australian Issuers) Exemption Notice 1997
• Securities Act (Telstra Share Offer) Exemption Notice 1997
• Securities Act (OM-IP Companies) Exemption Notice 1999.

Effects of the exemption

The references in the notices to sections 1017 and 1084 of the Corporations Law are replaced by references to sections 706 and 741 respectively of the Corporations Law (Australia).

The notice also updates references in the notices to the Australian Securities Commission to the Australian Securities and Investments Commission.

Reasons

Sections 706 and 741 of the Corporate Law Economic Reform Program Act 1999 (Australia) do not make substantive changes to sections 1017 and 1084 of the Australian Corporation Law which they replace. There is no change to the policy basis on which the exemptions were granted.