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 employee share scheme.
(2) A director or officer who acquires or disposes of a relevant interest to which subclause (1) applies must disclose that fact—
(a) once in every month (but at least 21 days after the date of the last disclosure) during the period of time that the director or officer has the relevant interest; and
(b) other than as stated in paragraph (a) and subclause (3), in accordance with the Act and these regulations.
(3) All of the relevant interests in securities that have been acquired or disposed of by a director or officer under the employee share scheme may be disclosed in 1 disclosure notice in accordance with regulation 12, in which case the requirement in regulation 12(1) that the acquisitions and disposals took place within a 5 trading day period does not apply.
(4) [Revoked]
(5) A director or officer who acquires or disposes of a relevant interest in a security during the period of the employee share scheme, but not under the employee share scheme, must disclose that fact in accordance with the Act and these regulations.
(6) For the purposes of this regulation, employee share scheme means a scheme established by a public issuer or a related body corporate under which a director, officer, manager, or employee of that public issuer or related body corporate may acquire securities.
Regulation 20(3): substituted, on 9 October 2008, by regulation 15 of the Securities Markets (Disclosure of Relevant Interests by Directors and Officers) Amendment Regulations 2008 (SR 2008/300).
Regulation 20(4): revoked, on 9 October 2008, by regulation 15 of the Securities Markets (Disclosure of Relevant Interests by Directors and Officers) Amendment Regulations 2008 (SR 2008/300).
