New Zealand Legislation: Acts

35A Securities Commission may grant exemptions to directors of issuers that are incorporated or constituted outside New Zealand

• (1) The Securities Commission may, by notice in the Gazette, exempt any directors of an issuer that is incorporated or constituted outside New Zealand, or any directors of a class of those issuers, from compliance with any provision of sections 8 to 11, 13 to 16, 18, 36, 36A, or 38.

  (2) The Securities Commission must not grant an exemption under this section unless it is satisfied that—

  • (a) the exemption would not cause significant detriment to subscribers for the securities of the issuer that are members of the public in New Zealand, having regard to the financial reporting requirements that must be complied with in relation to the issuer under the law in force in the country where the issuer is incorporated or constituted; and

  • (b) the extent of the exemption is not broader than what is reasonably necessary to address the matters that gave rise to the exemption.

  (3) The exemption may be granted on any terms and conditions that the Securities Commission thinks fit.

  (4) The Securities Commission may vary or revoke an exemption in the same way as an exemption may be granted under this section.

  (5) Each notice published in the Gazette under this section is a regulation for the purposes of the Regulations (Disallowance) Act 1989 and the Acts and Regulations Publication Act 1989.

  Sections 35A to 35E were inserted, as from 18 June 2007, by section 18 Financial Reporting Amendment Act 2006 (2006 No 64). See clause 2(1) Financial Reporting Amendment Act 2006 Commencement Order 2007 (SR 2007/110).