Securities Act (World Bank) Exemption Notice 2007

  • expired
  • Securities Act (World Bank) Exemption Notice 2007: expired, on 31 December 2012, by clause 3.

Reprint
as at 31 December 2012

Coat of Arms of New Zealand

Securities Act (World Bank) Exemption Notice 2007

(SR 2007/392)

  • Securities Act (World Bank) Exemption Notice 2007: expired, on 31 December 2012, 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 (World Bank) Exemption Notice 2007.

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 December 2012.

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

    Act means the Securities Act 1978

    bonds means debt securities issued under the World Bank's global debt issuance facility or under any successor to that facility

    offer documents means the World Bank's deed poll and most recent prospectus, pricing supplement, and information statement

    Regulations means the Securities Regulations 1983

    World Bank means the International Bank for Reconstruction and Development of which the New Zealand Government is a member under the International Finance Agreements Act 1961.

    (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 Exemption from sections 33(2), 37, 51, 52, 54, and 54B(3) of Act
  • The World Bank and every person acting on its behalf are exempted from sections 33(2), 37, 51, 52, 54, and 54B(3) of the Act in respect of the bonds.

6 Condition of exemption in clause 5
  • The exemption in clause 5 is subject to the condition that the investment statement that relates to the bonds—

    • (a) contains a statement to the effect that copies of the offer documents are available on request, without fee, from Computershare Investor Services Limited; and

    • (b) sets out how copies of the various offer documents may otherwise be obtained, whether from a specified Internet or intranet site operated by or on behalf of the issuer or otherwise.

7 Exemption from regulation 17 of Regulations
  • The World Bank and every other person who distributes an investment statement or other advertisement to the public relating to the bonds are exempted from regulation 17 of the Regulations in respect of the distribution of that advertisement.

8 Condition of exemption in clause 7
  • (1) The exemption in clause 7 is subject to the condition that the World Bank, at the time that the advertisement is distributed to the public, has completed a certificate relating to the advertisement that complies with subclause (2).

    (2) The certificate must be in the form set out in Schedule 4 of the Regulations and must be signed by 2 persons, being—

    • (a) directors of the World Bank; or

    • (b) executive officers of the World Bank authorised by the directors of the World Bank to sign those certificates; or

    • (c) a director of the World Bank and an executive officer of the World Bank authorised by the directors of the World Bank to sign those certificates.

    (3) The exemption in clause 7 is subject to the further condition that the World Bank holds the certificate for at least 12 months from the date of the last distribution of the advertisement to which it relates.

Dated at Wellington this 17th day of December 2007.

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 its notification in the Gazette and expires on 30 December 2012.

The notice exempts the World Bank from sections 33(2), 37, 51, 52, 54, and 54B(3) of the Securities Act 1978 and from regulation 17 of the Securities Regulations 1983 in relation to debt securities issued by the World Bank.

The Securities Commission considers that the exemptions are appropriate for the following reasons:

  • the offer documents (which are the most recent prospectus issued in accordance with United States federal law, the most recent World Bank information statement that includes the World Bank's audited annual financial statements, and a deed poll) will be made available on request to investors and prospective investors in New Zealand. These offer documents disclose relevant information (financial and otherwise) about the World Bank and the World Bank's offer of the relevant debt securities. This information, together with the investment statement provided under New Zealand law, will enable New Zealand investors to make an informed investment decision:

  • the exemption from the requirement in regulation 17 of the Securities Regulations 1983 that directors must personally complete a certificate in respect of an advertisement is granted in recognition of the unique organisational structure of the World Bank under which the directors are located in different parts of the world. In these circumstances, it would be impractical and difficult to require 2 directors to complete the certificate. The conditions to which the exemption is subject require that the certificate be signed by 2 directors, or by 1 director and an executive officer authorised by the directors, or by 2 executive officers authorised by the directors:

  • in these circumstances, the cost of full compliance with the Securities Act 1978 and Securities Regulations 1983 would outweigh any additional benefit such disclosure would provide.


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

Date of notification in Gazette: 20 December 2007.


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 (World Bank) Exemption Notice 2007. The reprint incorporates all the amendments to the notice as at 31 December 2012, 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 (World Bank) Exemption Notice 2007 (SR 2007/392): clause 3