Securities Act (Australian Registered Managed Investment Schemes) Exemption Amendment Notice 2006

  • revoked
  • Securities Act (Australian Registered Managed Investment Schemes) Exemption Notice 2003: revoked, on 1 October 2008, pursuant to clause 7 of the Securities Act (Australian Registered Managed Investment Schemes) Exemption Notice 2008 (SR 2008/327).

Reprint
as at 1 October 2008

Securities Act (Australian Registered Managed Investment Schemes) Exemption Amendment Notice 2006

(SR 2006/346)

  • Securities Act (Australian Registered Managed Investment Schemes) Exemption Amendment Notice 2006: revoked, on 1 October 2008, pursuant to clause 7 of the Securities Act (Australian Registered Managed Investment Schemes) Exemption Notice 2008 (SR 2008/327).


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).

1 Title
  • This notice is the Securities Act (Australian Registered Managed Investment 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 Conditions of exemptions in clause 5(1)(b) and (2)(b)
  • Clause 7 is amended by adding the following subclause:

    • (3) If a change is required to the current statement referred to in subclause (1)(b) (the NZ investor statement), but no material change is required to the current product disclosure statement, then, in respect of a person (A) who has already received the current product disclosure statement and the current NZ investor statement, it is sufficient for the purposes of subclause (1) that A receives an amended NZ investor statement accompanied by a prominent statement that a further copy of the current product disclosure statement is available from the responsible entity on request and free of charge.

Dated at Wellington this 20th day of November 2006.

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

CAN Beyer,

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 (Australian Registered Managed Investment Schemes) Exemption Notice 2003 (the 2003 notice). The purpose of the amendment is to allow an issuer to distribute an amended New Zealand investor statement without an accompanying product disclosure statement in cases when there is a change required to the New Zealand investor state-ment but no change required to the product disclosure statement.

The Securities Commission considers that it is appropriate to make the amendment because—

  • the conditions of the 2003 notice require Australian registered managed investment scheme issuers to provide New Zealand investors with copies of their Australian offer documents and accompanying information relevant only to New Zealand investors:

  • extra costs are incurred when an issuer is required to change the New Zealand information but not the Australian offer document, and the Australian document must be redistributed along with the revised New Zealand information. The amendment to the 2003 notice allows issuers to save those costs:

  • the amendment will not apply when a change of circumstance has required a material change to the Australian offer document as well as the New Zealand investor statement. In that case both documents must be given to investors. This means that issuers are still required to ensure that New Zealand investors in these funds have all the relevant information required under the 2003 notice.


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

Date of notification in Gazette: 23 November 2006.


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 (Australian Registered Managed Investment Schemes) Exemption Amendment Notice 2006. It incorporates all the amendments to the Securities Act (Australian Registered Managed Investment Schemes) Exemption Amendment Notice 2006 as at 1 October 2008. 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)