Generally, people buying securities and other financial products must, under the Corporations Act 2001, be given a regulated disclosure document such as a prospectus or product disclosure statement. However, the Act has some exemptions from these requirements.
Three relevant exemptions are for persons that meet the criteria to be assessed as:
Professional Investor (a financial services licensee holder)
Sophisticated Investors (holds at least $2.5m of assets or $250,000 of annual income, as certified by an accountant)
Experienced Investors (has sufficient investing experience).
The issuer and its advisers determine whether an offer without a regulated disclosure document is made available to all three categories, or only Professional and Sophisticated Investors. Therefore, if you qualify as Sophisticated Investor, please go back and submit your application to be classified as a Sophisticated Investor, as you may be eligible to receive some offers that are not also made available to Experienced Investors.