Dated at Wellington this 24th day of October 2006.
The Common Seal of the Securities Commission was affixed in the presence of:
Statement of reasons
This notice, which comes into force on its notification in the Gazette, amends the Securities Act (Overseas Listed Issuers) Exemption Notice 2002 (the principal notice) by extending the exemptions in the principal notice to previously allotted quoted securities of an overseas issuer.
The Securities Commission considers that the amendment is appropriate for the following reasons:
•other exemptions for overseas offers of securities, namely the Securities Act (Australian Issuers) Exemption Notice 2002 and the Securities Act (Overseas Companies) Exemption Notice 2002, apply to both primary offers of securities and to offers of previously allotted securities made in circumstances where compliance with New Zealand securities law is required. This makes the principal notice consistent with the Commission's policy for overseas offers expressed in those other exemptions:
•extending the principal notice to cover previously allotted quoted securities will make the exemption available to a wider range of overseas offers, reducing the costs associated with excluding New Zealand investors from such offers:
•the further exemption is limited in its application to offers that are regulated under applicable stock exchange rules of the jurisdictions listed in the notice, so that investors must receive adequate information about the investments.