Dated at Wellington this 23rd day of March 2004.
The Common Seal of the Securities Commission was affixed in the presence of:
Statement of reasons
This notice, which comes into force on the day after the date of its notification in the Gazette, amends the Securities Act (Overseas Employee Share Purchase Schemes) Exemption Notice 2002 ( the principal notice) by revoking the definition of listed overseas issuer, and inserting a definition of overseas issuer in its place. The definition of overseas issuer is wider than the definition of listed overseas issuer. It includes an issuer whose shares or common stock are the subject of an application for listing, but have not actually been listed at the time at which an offer is made in reliance on the exemptions granted by the principal notice. The effect of the amendment therefore, is that the exemptions in the principal notice apply to a wider range of issuers in relation to the offer of specified securities under employee share purchase schemes.
This notice also makes 2 consequential amendments to the principal notice.
The Securities Commission considers that it is appropriate to make the amendments to the principal notice because—