Securities Act (Overseas Employee Share Purchase Schemes) Exemption Amendment Notice 2006

Securities Act (Overseas Employee Share Purchase Schemes) Exemption Amendment Notice 2006

(SR 2006/174)


Note

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).

1 Title
  • This notice is the Securities Act (Overseas Employee Share Purchase Schemes) Exemption Amendment Notice 2006.

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

4 Specified overseas issuers
  • Schedule 1 is amended by inserting Airclaims Group Holdings Limited (a company incorporated under the laws of the United Kingdom) after the item relating to AECOM Technology Corporation.

Dated at Wellington this 27th day of June 2006.

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

M Chen,

Member.

[Seal]


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) to name Airclaims Group Holdings Limited (AGL) as a specified overseas issuer for the purposes of that notice.

The Securities Commission has adopted criteria for the naming of an overseas company as a specified overseas issuer. These are that the company should—

  • be incorporated in a jurisdiction specified in Schedule 2 of the principal notice; and

  • have in place arrangements for eligible shareholders to sell their shares, either through an alternative or internal market or through a repurchase facility, where the Commission considers the arrangements provide adequate liquidity for share-holders and adequate information to assist shareholders' decision making.

The Commission considers it appropriate to name AGL as a specified overseas issuer because—

  • AGL is incorporated in the United Kingdom, a jurisdiction named in Schedule 2 of the principal notice; and

  • the Commission considers that the internal market and repurchase facilities put in place by AGL provide sufficient liquidity and information to adequately protect shareholders.


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

Date of notification in Gazette: 29 June 2006.