Takeovers Amendment Act 2006

Reprint as at 7 July 2010

Takeovers Amendment Act 2006

Public Act2006 No 48
Date of assent24 October 2006
Note

Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this eprint.

A general outline of these changes is set out in the notes at the end of this eprint, together with other explanatory material about this eprint.

This Act is administered by the Ministry of Economic Development.

Contents

1 Title

2 Commencement

3 Principal Act amended

4 Interpretation

5 Object of this Act

6 Delegation of certain powers by Panel

7 New section 15B inserted

15B Sharing of information with Commerce Commission

8 New heading inserted

9 New sections 31L to 31MA substituted

31L Who may receive evidence

31M Admissibility of evidence

31MA How evidence may be given

10 Power to summon witnesses

11 Panel's powers in respect of compliance with takeovers code

12 Restraining orders

13 New section 33AA inserted

33AA Permanent compliance orders

14 New section 33C substituted

33C Restrictions on use of self-incriminating statements obtained by summons

15 Heading above section 33E and sections 33E and 34 repealed

16 New subpart 2 inserted

Subpart 2—Enforcement by Court

Overview of enforcement powers and civil remedies

33E Overview of enforcement powers and civil remedies

Injunctions

33F What Court may injunct

33G When Court may grant injunctions and interim injunctions

33H Undertaking as to damages not required by Panel

Various civil remedy orders

33I When Court may make various civil remedy orders

33J Terms of various civil remedy orders

Compensatory orders

33K When Court may make compensatory orders

33L Terms of compensatory orders

Pecuniary penalty orders and declarations of contravention

33M When Court may make pecuniary penalty orders and declarations of contravention

33N Purpose and effect of declarations of contravention

33O What declarations of contravention must state

33P Maximum amount of pecuniary penalty

33Q Considerations for Court in determining pecuniary penalty

33R Court must order that recovery from pecuniary penalty be applied to Panel's actual costs

General

17 Persons who may apply

18 Sections 36 and 37 repealed

19 Court may have regard to determinations and recommendations by Panel

20 Sections 39 and 40 repealed

21 New section 41 substituted

41 Court may excuse contravention

22 Court may require person to give evidence or produce documents relating to interests in securities

23 New sections 43 to 43C substituted

43 More than 1 civil remedy order may be made for same conduct

43A Only 1 pecuniary penalty order may be made for same conduct

43B Standard of proof for civil remedies

43C Time limit for applying for civil remedies

24 New heading and subparts 3, 4, and 5 substituted

Subpart 3—Offences

General offences

44 General offences

44A Conviction of offence under section 44 excluded in certain cases

False or misleading statement or information

44B False or misleading statement or information

44C Criminal liability for false or misleading statement or information

44D Exception for disclosure by investment advisers or brokers

44E Fair Trading Act 1986 excluded

Subpart 4—Other Court orders

Management bans

44F When Court may make management banning orders

44G Terms of management banning orders

44H Offence of contravening management banning order

44I Only one management banning order may be made for same conduct

44J Persons automatically banned from management

44K General provisions for bans and banning orders

Orders to preserve assets to satisfy claims

44L When Court may prohibit payment or transfer of money, securities, or other property

44M What orders may be made

44N Interim orders

44O Relationship with other law

44P Offence

Subpart 5—General

44Q Jurisdiction of Courts in New Zealand

44R Court may order payment of Panel's costs

44S Orders to secure compliance

44T Giving notice of applications for Court orders

44U General provisions as to Court's orders

44V Persons entitled to appear before Court

44W Knowledge of matters presumed if employee or agent knows matters

44X No pecuniary penalty and fine for same conduct

25 New Part 4 heading substituted

Part 4
Miscellaneous

Amendments to takeovers code

26 Takeovers code substituted

27 Interpretation

28 Offer period

29 New Part 8 added

Part 8
Market manipulation

64 Misleading or deceptive conduct

65 Exception for disclosure by investment advisers or brokers

Amendments to replace references to takeovers schemes

30 Amendments to replace references to takeovers schemes

Transitional provisions

31 Transitional provision for acquisitions made or committed to before commencement of this section

32 Transitional provision for existing offences and contraventions

Reprint notes

The Parliament of New Zealand enacts as follows: