New Zealand Legislation: Regulations
Regulations are laws made under Acts
This note is not part of the regulations, but is intended to indicate their general effect.
These regulations, which come into force on the 28th day after notification in the Gazette, amend the Securities Markets (Disclosure of Relevant Interests by Directors and Officers) Regulations 2003.
The primary purpose of the regulations is to simplify the disclosure regime applying to directors and officers of public issuers. The measures to achieve this are as follows:
narrowing the range of people caught by the definition of officer, so that it includes only second tier managers and above:
setting out 2 separate forms in the Schedule, one for initial disclosure (form 1) and the other for ongoing disclosure (form 2):
removing the prohibition on disclosing both multiple acquisitions and multiple disposals on the same form, so long as all the acquisitions and disposals take place within a 5 trading day period:
allowing multiple transactions to be recorded on the same form, so long as they all take place within a 5 trading day period:
allowing persons authorised by the director or officer making the disclosure to sign and give the disclosure notice on behalf of the director or officer making it. However, the director or officer making the disclosure remains liable if the obligation to make disclosure in accordance with the regulations is not complied with.
In addition, the regulations make various consequential amendments and revoke regulation 23, which is spent.