Securities Act 1978

  • repealed
  • Securities Act 1978: repealed, on 1 December 2014, by section 4(1)(a) of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Part 2
Restrictions on offer and allotment of securities to the public

33 Restrictions on offer of securities to the public
  • (1) No security shall be offered to the public for subscription, by or on behalf of an issuer, unless—

    • (a) the offer is made in, or accompanied by, an authorised advertisement that is an investment statement that complies with this Act and regulations; or

    • (b) the offer is made in an authorised advertisement that is not an investment statement; or

    • (c) the offer is made in, or accompanied by, a registered prospectus that complies with this Act and regulations.

    (2) No debt security shall be offered to the public for subscription, by or on behalf of an issuer, unless—

    • (a) the issuer of the security has appointed a person who holds a licence under the Securities Trustees and Statutory Supervisors Act 2011 that covers the security as a trustee in respect of the security and both the issuer and that person have signed a trust deed relating to the security; and

    • (ab) the trust deed complies with this Act and the regulations; and

    • (b) a copy of the trust deed has been registered by the Registrar pursuant to section 46; and

    • (c) where the provisions of the trust deed have been amended, a copy of the instrument amending the deed has been registered by the Registrar pursuant to section 47.

    (3) No participatory security shall be offered to the public for subscription, by or on behalf of an issuer, unless—

    • (a) the issuer of the security has appointed a person who holds a licence under the Securities Trustees and Statutory Supervisors Act 2011 that covers the security as a statutory supervisor in respect of the security and both the issuer and that person have signed a deed of participation relating to the security; and

    • (ab) the deed of participation complies with this Act and the regulations; and

    • (b) a copy of the deed of participation has been registered by the Registrar pursuant to section 46; and

    • (c) where the provisions of the deed of participation have been amended, a copy of the instrument amending the deed has been registered by the Registrar pursuant to section 47.

    Section 33(1): replaced, on 1 October 1997, by section 11(1) of the Securities Amendment Act 1996 (1996 No 100).

    Section 33(2)(a): amended, on 1 October 2011, by section 68(1) of the Securities Trustees and Statutory Supervisors Act 2011 (2011 No 10).

    Section 33(2)(ab): inserted, on 1 May 2011, by section 12(1) of the Securities Amendment Act 2011 (2011 No 6).

    Section 33(3)(a): amended, on 1 October 2011, by section 68(2) of the Securities Trustees and Statutory Supervisors Act 2011 (2011 No 10).

    Section 33(3)(ab): inserted, on 1 May 2011, by section 12(2) of the Securities Amendment Act 2011 (2011 No 6).