Pacific Sun Advisors Ltd & Andrew Pieter Mantel v SFC

The appellants win. "There is nothing to suggest the legislative purpose of section 103(3)(k) is to protect retail investors from wasting their time or, alternatively, against having their investment appetites whetted." The CFA rules that if it can be shown that the issuer has adopted screening procedures to restrict the fund to "professional investors", then the exemption for advertisements "in respect of" such products applies, whether or not the advertisement makes the intent clear.

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