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19. 304条の罠(の本当のトラップ)
(超訳版)304条A(1)
302B, 302C, 303(1) 並びに305Bの各条にも関わらず、また本
(2)号によるが、304条に基づく除外規定に依拠して募集を
行い取得された集団投資スキームの持分が、institutional
investor 以外のものに初めて売られたとき、本章にある(第
2小章の)ファンドの登録・承認並びに(第3小章の)届出が
適用される。
(原文:(1) Notwithstanding sections 302B, 302C, 303(1) and 305B but subject to
subsection (2), where units in a collective investment scheme acquired pursuant to an
offer made in reliance on the exemption under section 304 are first sold to any person
other than an institutional investor, then Subdivisions (2) and (3) of this Division shall
apply to the offer resulting in that sale.)
21. しかも実は。。。
(超訳版)305条
(1) 当局による変更等を除き、本章にある(第2小章の)ファンドの
登録・承認並びに(第3小章の)届出は、 (本条ではrestricted
schemeと呼ぶが)以下の本条第3項を満たす限りrelevant person
に対する集団投資スキームの持分の募集には適用されない。
(原文:(1) Except to such extent and with such modifications as
may be prescribed by the Authority, Subdivisions (2) and (3) of this
Division shall not apply to an offer of units in a collective
investment scheme (referred to in this section as a restricted
scheme), where the offer is made to a relevant person, if the
conditions in subsection (3) are satisfied.)
22. ややこしいことに。。。
(超訳版)305条第3項
本条(1)項(及び(2)項)の条件とは
(a) 募集は広告によるものでなく、募集に注目を集めることを行わないこと
(b) 事務的もしくは(弁護士費用などの)専門的業務への支払い以外の販売費用を払ってい
ないこと、もしくは、302B条(1)(d)(i)から(vi)に掲げる国内の募集業者等へ報酬等を支払っ
ていること
(c) (訳注:ここが面倒なのでざっくりと)第3小章にある目論見書の募集がおなわれていない
こと
(原文:(3) The conditions referred to in subsections (1) and (2) are —
(a) the offer is not accompanied by an advertisement making an offer or calling attention to the offer or intended offer;
(b) no selling or promotional expenses are paid or incurred in connection with the offer other than those incurred for
administrative or professional services, or by way of commission or fee for services rendered by any of the persons specified in section
302B(1)(d)(i) to (vi); and
(c) no prospectus in respect of the offer has been registered by the Authority or, where a prospectus has been registered —
(i) the prospectus has expired pursuant to section 299; or
(ii) the person making the offer has before making the offer —
(A) informed the Authority by notice in writing of its intent to make the offer in reliance on the exemption under this subsection; and
(B) taken reasonable steps to inform in writing the person to whom the offer is made that the offer is made in reliance on the exemption under this
subsection.)
23. 305条にも罠が
(超訳版)305条A(1)
302B, 302C, 303(1) 並びに305Bの各条にも関わらず、また本条第5項によるが、
305条に基づく除外規定に依拠して募集を行い取得された集団投資スキームの
持分が、以下に掲げるもの以外のものに初めて売られたとき、本章にある(第2
小章の)ファンドの登録・承認並びに(第3小章の)届出が適用される。
(a) Institutional investor
(b) 305条(5)に規定されるrelevant person
(原文:((1) Notwithstanding sections 302B, 302C, 303(1) and 305B but subject to subsection (5), where units in a
collective investment scheme acquired pursuant to an offer made in reliance on an exemption under section 305
are first sold to any person other than —
(a) an institutional investor;
(b) a relevant person as defined in section 305(5); or
(c) any person pursuant to an offer referred to in section 305(2),
then Subdivisions (2) and (3) of this Division shall apply to the offer resulting in that sale.)
24. で、なんと、実は。。。
(超訳版)305条(5)
”relevant person” とは
(a) Accredited investor
(b) Accredited investor のみが株主である、投資が目的である会社
(c) 受益者が accredited investor のみで投資持分を保有することが目的のtrustのtrustee
(d) 募集を行っている役員かその同等の地位にあるもの(もし募集が会社の場合)、か、その配偶者、親、
兄弟、子女
(e) 募集を行っているもの(自然人の場合)の、配偶者、親、兄弟、子女
(原文:“relevant person” means —
(a) an accredited investor;
(b) a corporation the sole business of which is to hold investments and the entire share capital of which is
owned by one or more individuals, each of whom is an accredited investor;
(c) a trustee of a trust the sole purpose of which is to hold investments and each beneficiary of which is an
individual who is an accredited investor;
(d) an officer or equivalent person of the person making the offer (such person being an entity) or a spouse,
parent, brother, sister, son or daughter of that officer or equivalent person; or
(e) a spouse, parent, brother, sister, son or daughter of the person making the offer (such person being an
individual).)