New Zealand Legislation: Acts

49A Regulations concerning substantial holding disclosure

• (1) The Governor-General may, by Order in Council made on the recommendation of the Minister in accordance with subsection (3), make regulations for the purpose of—

  • (a) prescribing further matters relating to a matter, a relevant event, or a substantial holding, that must be disclosed under subpart 3 of Part 2, which may include (without limitation):

    • (i) the nature of the relevant interests in the substantial holding (including before and after the relevant event in the case of sections 23 and 24):

    • (ii) the number, nominal value (if any), and class of securities in which the person has or had the substantial holding (including before and after the relevant event in the case of sections 23 and 24):

    • (iii) the date of the relevant event:

    • (iv) the terms and conditions (including consideration) of the transaction giving rise to the relevant event:

    • (v) details as to the circumstances in which the relevant event occurred:

    • (vi) the date of the last disclosure by the person under that subpart in respect of the substantial holding:

    • (vii) information relating to the relevant event or substantial holding and concerning other persons who have made disclosures under that subpart:

  • (b) prescribing the documents, certificates, and statements that must accompany or be annexed to those disclosures:

  • (c) determining when disclosure of the further matters referred to in paragraph (a) is required (including by requiring disclosure only on request):

  • (d) prescribing the form of or for, and the method of, disclosure under that subpart (and of any other acknowledgments or notices required by the subpart), or providing for the relevant registered exchange to determine that form or method and providing for the way in which it must do so:

  • (e) exempting (on terms and conditions, if any) classes of persons, classes of transactions, or classes of relevant interests, substantial holdings, or relevant events from compliance with any substantial holding disclosure obligation or obligations.

  (2) The further matters prescribed for disclosures required by section 22 or 25 may differ according to whether section 15(1)(a), (b), or (d) of the Securities Markets Amendment Act 2006 (which contains transitional provisions) applies to the disclosure or not.

  (3) The Minister must consult with the FMA before making a recommendation under subsection (1).

  Section 49A: inserted, on 29 February 2008, by section 13 of the Securities Markets Amendment Act 2006 (2006 No 47).

  Section 49A(3): amended, on 1 May 2011, by section 84(3) of the Financial Markets Authority Act 2011 (2011 No 5).