Securities Act (Continuous Debt Issues) Exemption Notice 2002

  • expired
  • Securities Act (Continuous Debt Issues) Exemption Notice 2002: expired, on 1 October 2012, by clause 3.

Reprint
as at 1 October 2012

Coat of Arms of New Zealand

Securities Act (Continuous Debt Issues) Exemption Notice 2002

(SR 2002/296)

  • Securities Act (Continuous Debt Issues) Exemption Notice 2002: expired, on 1 October 2012, by clause 3.


Note

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

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

This notice is administered by the Financial Markets Authority.


Pursuant to the Securities Act 1978, the Securities Commission gives the following notice.

Notice

1 Title
  • This notice is the Securities Act (Continuous Debt Issues) Exemption Notice 2002.

2 Commencement
  • This notice comes into force on 1 October 2002.

3 Expiry
  • This notice expires on the close of 30 September 2012.

    Clause 3: amended, on 21 September 2007, by clause 3 of the Securities Act (Extension of Term, Amendment, and Revocation of Certain Exemptions) Exemption Notice 2007 (SR 2007/277).

4 Interpretation
  • (1) In this notice, unless the context otherwise requires,—

    Act means the Securities Act 1978

    address means a postal or electronic address; and includes a Post Office box address, document exchange box number, fax number, and email address

    continuous debt issue, in relation to a continuous issuer, means an issue of debt securities of a kind that are continuously offered by the continuous issuer to the public for subscription

    continuous issuer means an issuer that in the ordinary course of its business continuously offers debt securities to the public for subscription

    Regulations means the Securities Regulations 1983

    security holder means a holder of debt securities issued as part of a continuous debt issue.

    (2) Any term or expression that is defined in the Act or the Regulations and used, but not defined, in this notice has the same meaning as in the Act or the Regulations.

5 Exemption relating to receipt of investment statements
  • (1) Every continuous issuer and every person acting on its behalf are exempted from section 37A(1)(a) of the Act in respect of any continuous debt issue of the continuous issuer.

    (2) The exemption is subject to the condition that the continuous issuer must not allot a debt security that is part of a continuous debt issue unless the continuous issuer or any person acting on its behalf has sent an investment statement relating to the debt security, at least 3 working days before the subscriber subscribes for the debt security, to—

    • (a) an address specified by the subscriber for this purpose; or

    • (b) the last address of the subscriber known to the continuous issuer.

    (3) The exemption is subject to the further condition that, if an investment statement relating to the continuous debt issue is sent by—

    • (a) fax, the fax machine has generated a record of the transmission of the investment statement to the fax machine of the recipient; or

    • (b) other electronic means, the machine used to transmit the investment statement has not generated a record that the investment statement has failed to be transmitted.

6 Exemption from register requirements
  • (1) Every continuous issuer is exempted from section 52(1) and (3) of the Act in respect of the register kept by the continuous issuer under section 51(1)(b) of the Act, in so far as that register relates to continuous debt issues.

    (2) The exemption from section 52(1) of the Act is subject to the condition that every register of securities kept under section 51(1)(b) of the Act by the continuous issuer is, except when duly closed (but subject to any reasonable restrictions that the continuous issuer may impose, so that not less than 2 hours in each day must be allowed for inspection), open to the inspection of any security holder in respect of the securities of that security holder entered on the register, without fee.

    (3) The exemption from section 52(3) of the Act is subject to the condition that, on payment by a security holder of the fee prescribed for the purposes of section 52(4) of the Act, the continuous issuer provides to the security holder a copy of that part of the register kept under section 51(1)(b) of the Act that relates to securities of that security holder.

7 Exemption from certificate requirements
  • (1) Every continuous issuer is exempted from section 54 of the Act in respect of any continuous debt issue of the continuous issuer.

    (2) The exemption is subject to the condition that the continuous issuer sends, or causes to be sent, to a security holder at any time on request, and to each security holder at least once every 6 months, a written statement that properly evidences the nature and ownership of the debt securities of the security holder issued as part of the continuous debt issue.

Dated at Wellington this 17th day of September 2002.

The Common Seal of the Securities Commission was affixed in the presence of:

[Seal]

J Diplock,
Chairperson.


Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 19 September 2002.


Contents

  • 1General

  • 2Status of reprints

  • 3How reprints are prepared

  • 4Changes made under section 17C of the Acts and Regulations Publication Act 1989

  • 5List of amendments incorporated in this reprint (most recent first)


Notes
1 General
  • This is a reprint of the Securities Act (Continuous Debt Issues) Exemption Notice 2002. The reprint incorporates all the amendments to the notice as at 1 October 2012, as specified in the list of amendments at the end of these notes.

    Relevant provisions of any amending enactments that contain transitional, savings, or application provisions that cannot be compiled in the reprint are also included, after the principal enactment, in chronological order. For more information, see http://www.pco.parliament.govt.nz/reprints/ .

2 Status of reprints
  • Under section 16D of the Acts and Regulations Publication Act 1989, reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by the amendments to that enactment. This presumption applies even though editorial changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in the reprint.

    This presumption may be rebutted by producing the official volumes of statutes or statutory regulations in which the principal enactment and its amendments are contained.

3 How reprints are prepared
  • A number of editorial conventions are followed in the preparation of reprints. For example, the enacting words are not included in Acts, and provisions that are repealed or revoked are omitted. For a detailed list of the editorial conventions, see http://www.pco.parliament.govt.nz/editorial-conventions/ or Part 8 of the Tables of New Zealand Acts and Ordinances and Statutory Regulations and Deemed Regulations in Force.

4 Changes made under section 17C of the Acts and Regulations Publication Act 1989
  • Section 17C of the Acts and Regulations Publication Act 1989 authorises the making of editorial changes in a reprint as set out in sections 17D and 17E of that Act so that, to the extent permitted, the format and style of the reprinted enactment is consistent with current legislative drafting practice. Changes that would alter the effect of the legislation are not permitted.

    A new format of legislation was introduced on 1 January 2000. Changes to legislative drafting style have also been made since 1997, and are ongoing. To the extent permitted by section 17C of the Acts and Regulations Publication Act 1989, all legislation reprinted after 1 January 2000 is in the new format for legislation and reflects current drafting practice at the time of the reprint.

    In outline, the editorial changes made in reprints under the authority of section 17C of the Acts and Regulations Publication Act 1989 are set out below, and they have been applied, where relevant, in the preparation of this reprint:

    • omission of unnecessary referential words (such as of this section and of this Act)

    • typeface and type size (Times Roman, generally in 11.5 point)

    • layout of provisions, including:

      • indentation

      • position of section headings (eg, the number and heading now appear above the section)

    • format of definitions (eg, the defined term now appears in bold type, without quotation marks)

    • format of dates (eg, a date formerly expressed as the 1st day of January 1999 is now expressed as 1 January 1999)

    • position of the date of assent (it now appears on the front page of each Act)

    • punctuation (eg, colons are not used after definitions)

    • Parts numbered with roman numerals are replaced with arabic numerals, and all cross-references are changed accordingly

    • case and appearance of letters and words, including:

      • format of headings (eg, headings where each word formerly appeared with an initial capital letter followed by small capital letters are amended so that the heading appears in bold, with only the first word (and any proper nouns) appearing with an initial capital letter)

      • small capital letters in section and subsection references are now capital letters

    • schedules are renumbered (eg, Schedule 1 replaces First Schedule), and all cross-references are changed accordingly

    • running heads (the information that appears at the top of each page)

    • format of two-column schedules of consequential amendments, and schedules of repeals (eg, they are rearranged into alphabetical order, rather than chronological).

5 List of amendments incorporated in this reprint (most recent first)
  • Securities Act (Extension of Term, Amendment, and Revocation of Certain Exemptions) Exemption Notice 2007 (SR 2007/277): clause 3

    Securities Act (Continuous Debt Issues) Exemption Notice 2002 (SR 2002/296): clause 3