1 Title
2 Commencement
3 Principal Act amended
4 Interpretation
The Parliament of New Zealand enacts as follows:
This Act is the Securities Amendment Act 2009.
This Act comes into force on the day after the date on which it receives the Royal assent.
This Act amends the Securities Act 1978.
(1) The definition of chattel in section 2(1) is amended by inserting “and emissions units” after “livestock”.
“and emissions units”
“livestock”
(2) Section 2(1) is amended by inserting the following definitions in their appropriate alphabetical order:
“emissions units means—“(a) units as defined in section 4(1) of the Climate Change Response Act 2002; and“(b) personal property that—“(i) is created by, or in accordance with, any enactment (whether of New Zealand, another country, or any jurisdiction of any country), rule of law, contractual provision, or international treaty or protocol as—“(A) one of a fixed number of units issued by reference to a specified amount of greenhouse gas; or“(B) evidence of a specified amount of reductions, removals, avoidance, storage, sequestration, or any other form of mitigation of greenhouse gas emissions; and“(ii) can be surrendered, retired, cancelled, or otherwise used to—“(A) offset greenhouse gas emissions under, or otherwise comply with, any enactment (whether of New Zealand, another country, or any jurisdiction of any country), rule of law, contractual provision, or international treaty or protocol; or“(B) enable a person who surrenders, retires, cancels, or otherwise uses it to claim an environmental benefit“greenhouse gas has the meaning set out in section 31 of the Climate Change Response Act 2002”.
“emissions units means—
“(a) units as defined in section 4(1) of the Climate Change Response Act 2002; and
“(b) personal property that—
“(i) is created by, or in accordance with, any enactment (whether of New Zealand, another country, or any jurisdiction of any country), rule of law, contractual provision, or international treaty or protocol as—
“(A) one of a fixed number of units issued by reference to a specified amount of greenhouse gas; or
“(B) evidence of a specified amount of reductions, removals, avoidance, storage, sequestration, or any other form of mitigation of greenhouse gas emissions; and
“(ii) can be surrendered, retired, cancelled, or otherwise used to—
“(A) offset greenhouse gas emissions under, or otherwise comply with, any enactment (whether of New Zealand, another country, or any jurisdiction of any country), rule of law, contractual provision, or international treaty or protocol; or
“(B) enable a person who surrenders, retires, cancels, or otherwise uses it to claim an environmental benefit
“greenhouse gas has the meaning set out in section 31 of the Climate Change Response Act 2002”.
This Act is administered by the Ministry of Commerce.