|Name of Notice
|Financial Markets Conduct (Liberty Financial Group) Exemption Notice 2021
|Gazette Notification Date
|Date In Force
|Financial Markets Conduct Act 2013
|Individual Exemption Notice
Summary: The Financial Markets Conduct (Liberty Financial Group) Exemption Notice 2021 provides for five years relief for certain offers of stapled financial products that are made under an employee incentive scheme on terms similar to the Financial Markets Conduct (Employee Share Purchase Schemes) Exemption Notice 2021.
The notice exempts Liberty Financial Group Limited and the Liberty Financial Group Trust (a managed investment scheme) from disclosure requirements under Part 3 of the FMC Act. It also provides that the offer of units in the Trust are exempted from the governance requirements under Part 4 of the FMC Act.
These offers are still ‘regulated offers’ and so financial reporting and other obligations continue to apply. The exemptions are conditional on certain specific disclosure requirements.
The exemptions are limited to offers made to employees of the Liberty Financial Group and certain associated parties of those employees, including trustees of a family trust, relatives and controlled companies. The notice limits the number of stapled securities issued under the employee incentive scheme in reliance on the exemption to 10% of the total stapled securities issued in any 12-month period.