Securities Act (Translated Advertisements) Exemption Notice 2006

  • expired
  • Securities Act (Translated Advertisements) Exemption Notice 2006: expired, on 1 October 2011, by clause 3.

Reprint
as at 1 October 2011

Coat of Arms of New Zealand

Securities Act (Translated Advertisements) Exemption Notice 2006

(SR 2006/305)

  • Securities Act (Translated Advertisements) Exemption Notice 2006: expired, on 1 October 2011, by clause 3.


Note

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

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

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
  • This notice is the Securities Act (Translated Advertisements) Exemption Notice 2006.

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

3 Expiry
  • This notice expires on the close of 30 September 2011.

4 Interpretation
  • (1) In this notice, unless the context otherwise requires,—

    Act means the Securities Act 1978

    Regulations means the Securities Regulations 1983.

    (2) Any term or expression that is defined in the Act or the Regulations and used, but not defined, in this notice has the same meaning as in the Act or the Regulations.

5 Application
  • This notice applies to an advertisement that is distributed to the public in a language in which fewer than 2 of the directors of the issuer are fluent.

6 Exemption from regulation 17(2) of Regulations
  • Every issuer and every person acting on its behalf are exempted from regulation 17(2) of the Regulations in respect of any advertisement to which this notice applies in so far as regulation 17(2) requires a certificate for the purposes of regulation 17(1) of the Regulations to be in the form set out in Schedule 4 of the Regulations.

7 Condition of exemption in clause 6
  • The exemption in clause 6 is subject to the condition that the certificate for the purposes of regulation 17(1) of the Regulations is in the same form as set out in Schedule 4 of the Regulations except that—

    • (a) there is inserted, after the word advertisement in paragraph (a), the words (or an accurate translation of the advertisement); and

    • (b) a new paragraph (d) is inserted as follows:

      We have reasonable grounds for believing that the translation is an accurate translation, namely [state grounds].

Dated at Wellington this 26th day of September 2006.

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

[Seal]

J Diplock,
Chairperson.


Statement of reasons

This notice comes into force on the day after the date of its notification in the Gazette and expires on 30 September 2011. Its effect is to allow certification under regulation 17(2) of the Securities Regulations 1983 of a translation of an advertisement distributed to the public by an issuer if the advertisement is in a language in which fewer than 2 of the issuer's directors are fluent.

The Securities Commission considers that it is appropriate to grant the exemption because—

  • advertisements for securities can be made in any language. Directors of an issuer are responsible for certifying that advertisements are not misleading and comply with the law. The exemption is needed in order that the certificate can be given if the advertisement is in a language in which fewer than 2 of the issuer's directors are fluent:

  • the condition of the exemption in effect requires the certifying directors to see, read, or hear an accurate translation of the advertisement, and to set out their basis for concluding that the translation is accurate:

  • this notice extends the exemption contained in the Securities Act (Advertisements in a Language other than English) Exemption Notice 2001, which has now expired, to any issuer that distributes an advertisement to the public in a language in which fewer than 2 of its directors are fluent (because 2 directors must usually sign the certificate required under regulation 17 of the Securities Regulations 1983).


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

Date of notification in Gazette: 28 September 2006.


Contents

  • 1General

  • 2Status of reprints

  • 3How reprints are prepared

  • 4Changes made under section 17C of the Acts and Regulations Publication Act 1989

  • 5List of amendments incorporated in this reprint (most recent first)


Notes
1 General
  • This is a reprint of the Securities Act (Translated Advertisements) Exemption Notice 2006. The reprint incorporates all the amendments to the notice as at 1 October 2011, as specified in the list of amendments at the end of these notes.

    Relevant provisions of any amending enactments that contain transitional, savings, or application provisions that cannot be compiled in the reprint are also included, after the principal enactment, in chronological order. For more information, see http://www.pco.parliament.govt.nz/reprints/ .

2 Status of reprints
  • Under section 16D of the Acts and Regulations Publication Act 1989, reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by the amendments to that enactment. This presumption applies even though editorial changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in the reprint.

    This presumption may be rebutted by producing the official volumes of statutes or statutory regulations in which the principal enactment and its amendments are contained.

3 How reprints are prepared
  • A number of editorial conventions are followed in the preparation of reprints. For example, the enacting words are not included in Acts, and provisions that are repealed or revoked are omitted. For a detailed list of the editorial conventions, see http://www.pco.parliament.govt.nz/editorial-conventions/ or Part 8 of the Tables of New Zealand Acts and Ordinances and Statutory Regulations and Deemed Regulations in Force.

4 Changes made under section 17C of the Acts and Regulations Publication Act 1989
  • Section 17C of the Acts and Regulations Publication Act 1989 authorises the making of editorial changes in a reprint as set out in sections 17D and 17E of that Act so that, to the extent permitted, the format and style of the reprinted enactment is consistent with current legislative drafting practice. Changes that would alter the effect of the legislation are not permitted.

    A new format of legislation was introduced on 1 January 2000. Changes to legislative drafting style have also been made since 1997, and are ongoing. To the extent permitted by section 17C of the Acts and Regulations Publication Act 1989, all legislation reprinted after 1 January 2000 is in the new format for legislation and reflects current drafting practice at the time of the reprint.

    In outline, the editorial changes made in reprints under the authority of section 17C of the Acts and Regulations Publication Act 1989 are set out below, and they have been applied, where relevant, in the preparation of this reprint:

    • omission of unnecessary referential words (such as of this section and of this Act)

    • typeface and type size (Times Roman, generally in 11.5 point)

    • layout of provisions, including:

      • indentation

      • position of section headings (eg, the number and heading now appear above the section)

    • format of definitions (eg, the defined term now appears in bold type, without quotation marks)

    • format of dates (eg, a date formerly expressed as the 1st day of January 1999 is now expressed as 1 January 1999)

    • position of the date of assent (it now appears on the front page of each Act)

    • punctuation (eg, colons are not used after definitions)

    • Parts numbered with roman numerals are replaced with arabic numerals, and all cross-references are changed accordingly

    • case and appearance of letters and words, including:

      • format of headings (eg, headings where each word formerly appeared with an initial capital letter followed by small capital letters are amended so that the heading appears in bold, with only the first word (and any proper nouns) appearing with an initial capital letter)

      • small capital letters in section and subsection references are now capital letters

    • schedules are renumbered (eg, Schedule 1 replaces First Schedule), and all cross-references are changed accordingly

    • running heads (the information that appears at the top of each page)

    • format of two-column schedules of consequential amendments, and schedules of repeals (eg, they are rearranged into alphabetical order, rather than chronological).

5 List of amendments incorporated in this reprint (most recent first)
  • Securities Act (Translated Advertisements) Exemption Notice 2006 (SR 2006/305): clause 3