New Zealand Legislation: Regulations
Regulations are laws made under Acts
(1) The exemption in clause 9 is subject to the condition that the bank, at the time that the advertisement is distributed to the public, has completed a certificate relating to the advertisement that complies with subclause (2).
(2) That certificate must be in the form set out in Schedule 4 of the Regulations and must be signed by 2 persons, being—
(a) directors of the bank; or
(b) executive officers of the bank authorised by the directors of the bank to sign those certificates; or
(c) a director and an executive officer of the bank who is authorised by the directors of the bank to sign those certificates.
(2A) Despite subclauses (1) and (2), if the advertisement refers to a Crown guarantee, the bank is relying on the Securities Act (New Zealand Deposit Guarantee Scheme) Exemption Notice 2008 (the 2008 notice) or the Securities Act (Crown Retail Deposit Guarantee Schemes) Exemption Notice 2010 (the 2010 notice), and the certificate that relates to the advertisement complies with the condition in clause 7(5) of the 2008 notice or clause 7(5) or (6) of the 2010 notice, the certificate does not need to be in the form set out in Schedule 4 of the Regulations to the extent that the form requires certification that the advertisement does not contain any matter that is inconsistent with the disclosure statement referred to in the advertisement.
(3) The exemption in clause 9 is, in the case of a bank, subject to the condition that the bank holds the certificate for at least 12 months from the date of the last distribution of the advertisement to which it relates.
(4) Nothing in clause 9 and subclauses (1) to (3) of this clause limits or affects regulation 17(3) of the Regulations except that, in the case of an advertisement for which a certificate has been completed in accordance with this clause, the reference in regulation 17(3)(c) of the Regulations to subclause (2) of that regulation must be read as a reference to subclause (2) of this clause.
Clause 10(2A): substituted, on 21 May 2010, by clause 13(2) of the Securities Act (Crown Retail Deposit Guarantee Schemes) Exemption Notice 2010 (SR 2010/120).
