New Zealand Legislation: Acts

34 Restrictions on distribution of prospectuses

• (1) No registered prospectus shall be distributed by or on behalf of an issuer,—

  • (a) After it has been amended unless all the amendments have been incorporated in, or attached by way of memorandum to, every copy of the registered prospectus that is so distributed; or

  • (b) If it is false or misleading in a material particular by reason of failing to refer, or give proper emphasis, to adverse circumstances (whether or not it became so misleading as a result of a change in circumstances occurring after the date of the prospectus).

  (2) A registered prospectus shall not be distributed by or on behalf of an issuer unless it is accompanied by,—

  • (a) If the registered prospectus refers to, but does not contain, financial statements registered under the Financial Reporting Act 1993, a copy of those financial statements; and

  • (b) A copy of any documents registered under this Act for the purpose of extending the period during which allotments may be made under the registered prospectus.

  (3) However, subsection (2)(a) does not apply to a simplified disclosure prospectus.

  Section 34 was substituted, as from 1 September 1983, by section 14 Securities Amendment Act 1982 (1982 No 147)).

  Subsection (1)(a) was substituted, as from 28 July 1997, by section 6 Securities Amendment Act (No 2) 1997 (1997 No 54).

  Subsection (2) was inserted, as from 1 October 1997, by section 12 Securities Amendment Act 1996 (1996 No 100). See section 2 of that Act for transitional provisions relating to its application.

  Section 34(3): added, on 28 July 2009, by section 8 of the Securities (Disclosure) Amendment Act 2009 (2009 No 23).