s 304A First sale of units acquired pursuant to section 304
304A.—(1) Despite 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 apply to the offer resulting in that sale.[2/2009] (2) Subsection (1) does not apply where the units in a collective investment scheme acquired are of the same class as, or can be converted into units of the same class as, other units in the scheme —(a) which are listed for quotation on an approved exchange; and (b) in respect of which any prospectus, offer information statement, introductory document, unitholders’ circular for a reverse take‑over, document issued for the purposes of a trust scheme, or any other similar document approved by an approved exchange, was issued in connection with —(i) an offer of those units in the scheme; or (ii) the listing for quotation of those units in the scheme.[4/2017] [Act 12 of 2024 wef 24/01/2025]