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Clauses 3(1) and 3(2)

51. It is proposed that clauses 3(1)(a) and 3(2)(a) be amended to require disclosure of the names and addresses of any directors of the issuer.

Under current definitions of "promoter" and "issuer", the names of directors of promoters need to be disclosed, but not the names of directors of the issuer. The names of directors of an issuer are seen as at least as important as the names of directors of promoters.

Clause 5(1)(b)

52. It is proposed that clause 5(1)(b) of Schedule 3D be amended so that it is technologically neutral.

This clause currently refers to the person to whom, and place at which, payments for securities may be made. It is currently unclear how this clause applies when payments are made by electronic transfer.

Clause 20

53. It is proposed that it be clarified that clause 20 of Schedule 3D relates to information about the issuer or the securities that is relevant to the investment offered.

Clause 20 requires a statement of the information that is required to be, or will be, available on request from the issuer. As currently worded, this clause does not limit the type of information available on request from an issuer. In particular, it could cover a very wide range information that is not relevant to the offer of securities.