New Zealand Legislation: Regulations
Regulations are laws made under Acts
(1) A director or officer who acquires or disposes of a relevant interest in a security does not have to disclose that fact within 5 trading days of the acquisition or disposal (in accordance with section 19T of the Act) if the relevant interest arises from a security that is acquired or disposed of under an ongoing offer.
(2) Subject to subclause (3), a director or officer who acquires or disposes of relevant interests to which subclause (1) applies must disclose that fact—
(a) within 5 trading days of the last day of the ongoing offer; and
(b) in the case of an ongoing offer that is open for acceptance for a period of more than 30 days, once in every month (but at least 21 days after the date of the last disclosure) in which an acquisition or disposal of relevant interests takes place; and
(c) other than as stated in paragraphs (a) and (b) and subclause (4), in accordance with the Act and these regulations.
(3) A director or officer who makes a disclosure in accordance with subclause (2)(a) does not have to comply with subclause (2)(b) for the month within which the disclosure is made in accordance with subclause (2)(a).
(4) Multiple acquisitions and multiple dispositions of relevant interests in securities may be disclosed in 1 disclosure notice under regulation 12 (even if the acquisitions, the dispositions, or both did not take place within a 5 trading day period as required by regulation 12(1)), if—
(a) the relevant interests arise from securities that are acquired or disposed of under 1 or more ongoing offers; and
(b) disclosure is made in accordance with subclause (2)(a) or (b).
(5) [Revoked]
(6) A director or officer who acquires or disposes of a relevant interest in a security during the period of the ongoing offer, but not under the ongoing offer, must disclose that fact in accordance with the Act and these regulations.
(7) For the purposes of this regulation, ongoing offer means an offer (including, without limitation, under a buy-back or a dividend reinvestment scheme) to all existing shareholders on an equal basis with an open period of acceptance.
Regulation 18(4): substituted, on 9 October 2008, by regulation 14 of the Securities Markets (Disclosure of Relevant Interests by Directors and Officers) Amendment Regulations 2008 (SR 2008/300).
Regulation 18(5): revoked, on 9 October 2008, by regulation 14 of the Securities Markets (Disclosure of Relevant Interests by Directors and Officers) Amendment Regulations 2008 (SR 2008/300).
