New Zealand Legislation: Regulations

9 Condition of exemptions for specified securities that they are offered in overseas jurisdiction

• (1) The exemptions in clause 5 are subject to the further condition that, at the time of the offer, specified securities are also offered, or have previously been offered, under the employee share purchase scheme, or a parallel scheme, in the jurisdiction in which the exempt overseas issuer is incorporated or listed.

  (2) In this clause, parallel scheme means a scheme—

  • (a) under which eligible persons may acquire specified securities; and

  • (b) that is established under the laws of the jurisdiction in which the exempt overseas issuer is incorporated or listed; and

  • (c) the terms of which are substantially the same as those of the employee share purchase scheme except to the extent that variations are necessary or desirable to comply with, or to take into account, the laws of the jurisdictions in which specified securities are offered (whether under the parallel scheme or the employee share purchase scheme).

  Clause 9: substituted, on 29 February 2008, by clause 5 of the Securities Act (Overseas Employee Share Purchase Schemes) Exemption Amendment Notice 2008 (SR 2008/46).

  Clause 9 heading: amended, on 7 November 2008, by clause 4(1) of the Securities Act (Overseas Employee Share Purchase Schemes) Exemption Amendment Notice (No 3) 2008 (SR 2008/428).

  Clause 9(1): substituted, on 7 November 2008, by clause 4(2) of the Securities Act (Overseas Employee Share Purchase Schemes) Exemption Amendment Notice (No 3) 2008 (SR 2008/428).