(1) This Division applies to an offer in relation to which the following paragraphs are satisfied:
(a) the offer is an unsolicited offer to purchase a financial product made by a person (the offeror ) to another person (the offeree );
(b) the offer is made otherwise than on a licensed market;
(c) one or more of the following apply:
(i) the offer is made in the course of a business of purchasing financial products;
(ii) the offeror was not in a personal or business relationship with the offeree before the making of the offer;
(iii) the offer is made in circumstances specified in regulations made for the purposes of this subparagraph;
(d) the offer is not:
(i) made to the issuer of the financial products; or
(ii) to buy back shares under a buy-back authorised by section 257A; or
(iii) made under a compromise or arrangement approved at a meeting held as a result of an order under subsection 411(1) or (1A); or
(iv) to acquire securities under an off-market bid; or
(v) to compulsorily acquire or buy out securities under Chapter 6A; or
(vi) to acquire shares from a dissenting shareholder under section 414; or
(vii) made in relation to particular financial products that are specified in regulations made for the purposes of this subparagraph; or
(viii) made in circumstances that are specified in regulations made for the purposes of this subparagraph;
(e) the offer is made or received in this jurisdiction.
(2) The regulations may clarify:
(a) when an offer is, or is not, made in the course of a business of purchasing financial products; or
(b) when an offeror was, or was not, in a previous personal or business relationship with an offeree.
Regulations made for the purposes of this subsection have effect despite anything else in this section.