Securities Act (OM-IP Companies) Exemption Amendment Notice (No 2) 2005

  • expired
  • Securities Act (OM-IP Companies) Exemption Amendment Notice (No 2) 2005: expired, on 1 January 2010, pursuant to clause 3 of the Securities Act (OM-IP Companies) Exemption Notice 2004 (SR 2004/474).

Reprint
as at 1 January 2010

Securities Act (OM-IP Companies) Exemption Amendment Notice (No 2) 2005

(SR 2005/261)

  • Securities Act (OM-IP Companies) Exemption Amendment Notice (No 2) 2005: expired, on 1 January 2010, pursuant to clause 3 of the Securities Act (OM-IP Companies) Exemption Notice 2004 (SR 2004/474).


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.

This notice is administered by the Securities Commission.


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 Interpretation
  • Clause 4(1) of the principal notice is amended by revoking the definition of OM-IP company, and substituting the following definition:

    OM-IP company means a company—

    • (a) that is incorporated in the Cook Islands as an international company under the International Companies Act 1981–82; and

    • (b) in respect of which the only registered holder of equity securities at the time the first offer of specified equity securities is made is HSBC Trustee (Cook Islands) Limited (registration number 1080/91, registered at the Ministry of Justice—Companies Section (Domestic Companies)); and

    • (c) in respect of which the ultimate beneficial owner of the equity securities at that time is either or both of the following:

      • (i) Man Financial Limited (company number 1600658, Registrar of Companies, England):

      • (ii) Albany Management Company Limited (registration number EC 1841, Registrar of Companies, Bermuda); and

    • (d) that is registered in Australia, under the laws of Australia, as a foreign company under the Corporations Act 2001.

Dated at Wellington this 24th day of August 2005.

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

[Seal]

C A N Beyer,
Member.


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 (OM-IP Companies) Exemption Notice 2004 (the principal notice).

The amendment substitutes a new definition of OM-IP company in the principal notice.

The Securities Commission considers that the amendment is appropriate because—

  • the principal notice enables OM-IP companies to offer and allot securities to members of the public in New Zealand if an Australian prospectus has been prepared and a New Zealand investment statement has been issued. The exemption granted under the principal notice recognises that the offers of securities in Australia are regulated under Australian law:

  • the amendment reflects changes in the ultimate beneficial ownership of the OM-IP companies. The changes do not affect the status of those companies as registered foreign companies in Australia and do not alter the fact that the offers of securities are regulated under Australian law. Accordingly, the change in the ultimate beneficial ownership of the OM-IP companies does not affect the policy underlying the principal notice.


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

Date of notification in Gazette: 1 September 2005.


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 (OM-IP Companies) Exemption Amendment Notice (No 2) 2005. It incorporates all the amendments to the notice as at 1 January 2010. The list of amendments at the end of these notes specifies all the amendments incorporated into this eprint since 4 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. For more information, see http://www.pco.parliament.govt.nz/reprints/.

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 reprint (most recent first)
  • Securities Act (OM-IP Companies) Exemption Notice 2004 (SR 2004/474): clause 3