Sophisticated investors: precisely what are they?

Section 708 of the Corporations Act 2001 (Cth) (Act) contains what’s known as the small scale offerings exception to the obligation to issue a disclosure document.  This is more commonly known as the “20/12 rule”.  Subsection 708(8) provides an exception to ‘sophisticated investors’ where a qualified accountant provides a certificate dated not more than 6 months before the date that the offer (of securities) is made attesting that the person is ‘sophisticated’. [Read more…]

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