Securities Act (Minimum Subscription) Exemption Amendment Notice 2004

  • expired
  • Securities Act (Minimum Subscription) Exemption Amendment Notice 2004: expired, on 1 July 2009, pursuant to clause 3 of the Securities Act (Minimum Subscription) Exemption Notice 2000 (SR 2000/190).

Reprint
as at 1 July 2009

Securities Act (Minimum Subscription) Exemption Amendment Notice 2004

(SR 2004/195)

  • Securities Act (Minimum Subscription) Exemption Amendment Notice 2004: expired, on 1 July 2009, pursuant to clause 3 of the Securities Act (Minimum Subscription) Exemption Notice 2000 (SR 2000/190).


Note

Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this eprint.

A general outline of these changes is set out in the notes at the end of this eprint, together with other explanatory material about this eprint.


Pursuant to the Securities Act 1978, the Securities Commission gives the following notice (to which is appended a statement of reasons of the Securities Commission).

Notice

1 Title
2 Commencement
  • This notice comes into force on the day after the date of its notification in the Gazette.

3 Expiry
  • Clause 3 of the principal notice is amended by omitting the expression 30 June 2004, and substituting the expression 30 June 2009.

4 Clause 6 revoked
  • Clause 6 of the principal notice is revoked.

Dated at Wellington this 25th day of June 2004.

The Common Seal of the Securities Commission was affixed in the presence of:

[Seal]

J Diplock,
Chairperson.


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 (Minimum Subscription) Exemption Notice 2000 by—

  • extending the expiry date of the notice from 30 June 2004 to 30 June 2009; and

  • revoking clause 6.

The Securities Commission considers it appropriate to revoke clause 6 because it contains an exemption in relation to specified participatory securities that is no longer required. This is because subsection 37A(2) of the Securities Act 1978 (the Act), to which the exemption relates, has been repealed.

The Securities Commission considers it appropriate to extend the remaining exemption contained in this notice because—

  • (a) the requirement under section 37(2) of the Act that any stated minimum required subscription amount be received by the issuer within 4 months after the date of the registered prospectus prevents many issuers from offering securities on terms that permit payment by instalment; and

  • (b) the condition of the exemption maintains the protection for investors provided by section 37(2) of the Act by requiring that the offer must attract (and the issuer must obtain legally binding commitments from) sufficient subscribers to meet any minimum amounts required for the purpose of the offer within the 4 month time frame envisaged by the Act.


Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 29 June 2004.

This notice is administered by the Securities Commission.


Contents

  • 1General

  • 2About this eprint

  • 3List of amendments incorporated in this eprint (most recent first)


Notes
1 General
  • This is an eprint of the Securities Act (Minimum Subscription) Exemption Amendment Notice 2004. It incorporates all the amendments to the notice as at 1 July 2009. The list of amendments at the end of these notes specifies all the amendments incorporated into this eprint since 3 September 2007. Relevant provisions of any amending enactments that contain transitional, savings, or application provisions are also included, after the Principal enactment, in chronological order.

2 About this eprint
  • This eprint has not been officialised. For more information about officialisation, please see Making online legislation official under Status of legislation on this site in the About section of this website.

3 List of amendments incorporated in this eprint (most recent first)
  • Securities Act (Minimum Subscription) Exemption Notice 2000 (SR 2000/190): clause 3