Section 104 Investments and Securities Act

Section 104 of the Investments and Securities Act 2025 is about Exemption certificate and effect. It is under Part IX (Regulation of Securities) of the Act. It provides as follows:

(1) Where it is proposed to offer any securities to the public by a prospectus issued generally and an application is made to a securities exchange for permission for those securities to be dealt in or quoted on that securities exchange, the securities exchange may exempt the applicant from compliance with the Third Schedule to this Act.

(2) In considering an application under subsection (1), the securities exchange shall have regard to the proposal as stated in the request as to the size and other circumstances of the issue of securities and as to any limitations on the number and class of persons to whom the offer is to be made and if compliance with the requirements of the Third Schedule will be unduly cumbersome.