Schedule 4 Transitional provisions

s 597

Contents

1Overview
2Transitional provisions subject to transitional regulations and exemptions
3Interpretation
4Act applies to offer unless former enactments continue to apply
5Former enactments continue to apply if prospectus registered before commencement
6Issuer may elect to comply with former enactments instead of this Act if prospectus registered within 12 months or 2 years of commencement
7Former enactments apply if no prospectus required unless issuer elects otherwise
8This Act and 1978 Act are (on transitional basis) alternative means of compliance
9All offers and allotments under old law must cease after scheme registered
10All offers and allotments under old law must cease within 2 years of commencement
10ABanks’ regulatory capital
11FMA may continue to perform and exercise functions, duties, and powers
12Part does not prevent PDS from being lodged
13Part 2 applies even if former enactments apply to offer
14Unsubstantiated representations prohibitions do not apply to prospectuses and investment statements
15Part applies to securities allotted under Securities Act 1978
16Interpretation in this Part
17Former enactments continue to apply until effective date in accordance with regulations
18KiwiSaver schemes, superannuation schemes, and unit trusts continue under former enactments until effective date
19Transition period
20Ongoing requirements of this Act apply on and after effective date
21Issuer of debt security must lodge trust deed and supply information
22Managed investment scheme treated as being registered and issuer must supply information
23Type of registration
24Registrar to amend register
25Restriction on making regulated offers and accepting contributions if requirements have not been complied with
26Issuer may amend or replace governing document with FMA’s consent
27Conversion of governing documents to separate governing documents [Repealed]
28Amalgamation of schemes [Repealed]
29Amended enactments continue to apply or have effect in connection with securities in accordance with regulations
30Issuer must send notification to security holders
31PDS treated as having been given
32FMA may continue to perform and exercise functions, duties, and powers
33Certain requirements of former law continue for participatory securities that are not financial products
34Unit trusts in relation to which offers to public have not been made
35Superannuation schemes in relation to which offers to public have not been made
36Amended enactments continue to apply or have effect in connection with schemes in accordance with regulations
37KiwiSaver schemes and superannuation schemes are retirement schemes during transition period
38Remaining trustees (if any) cease to hold office
39Restricted schemes have 3 years to sell investments so as to comply with related party asset 5% cap rule
40Savings related to Superannuation Schemes Act 1976
41Repealed enactments continue to be financial markets legislation
42Transition process for existing financial product markets
43Previous disclosure under former enactment has effect under this Act
44Corporate trustees and nominee companies that opt in to substantial holding exemption
45Authorised dealers treated as holding market services licence
46FMA may exercise powers in respect of licences
47Approval of electronic transfer systems continues
48References to banning orders under this Act include references to banning orders under former enactments
49References to failing to comply with this Act include references to failing to comply with former enactments for purposes of banning orders
50Issuers continue to be issuers under Financial Reporting Act 1993 [Repealed]
51Section 10A of Auditor Regulation Act 2011 also applies to exemptions granted under Securities Act 1978
52Transitional provision for offences and contravention under repealed, revoked, or amended enactments
53Former law continues for contributory mortgages
54Appointments as default KiwiSaver scheme providers
55Persons who participate in offer under Securities Act 1978 continue to be financial service providers
56Sale offers under clauses 31 and 34 of Schedule 1
57Transitional disclosure exclusion
58Exclusions for employee share purchase schemes and small offers can take into account offers under former law
59Additional Securities Act 1978 exemption
60FMA may make order prohibiting recognition regime offer on basis of contravention of former regulations
61FMA may declare failure to meet preconditions of recognition regime under Securities Act 1978 to be non-material
62Amendment to section 46 of Trustee Act 1956 does not affect existing proceedings
63Financial reporting for registered schemes and funds
64Definition
65Certification as to eligible investors under Financial Advisers Act 2008
66Service disclosure statement and investment proposal for existing DIMS
67Existing licences continue and cover supervision
68Extension of licences to cover substantially the same matters under new law
69Governance requirements for PIE call fund units, PIE term fund units, and bank notice products that are specified units
70Certain superannuation schemes that elect to be treated as registered