New Zealand Legislation: Regulations
Regulations are laws made under Acts
(1) Every specified financial institution, and every person acting on its behalf, is exempted, in respect of an advertisement for specified securities that refers to the Crown guarantee, from regulation 17(1) of the Regulations.
(2) However, the exemption in subclause (1) applies only if either—
(a) the only difference between the advertisement and another advertisement in respect of which a certificate that complies with regulation 17(2) of the Regulations or clause 10 of the Securities Act (Banks) Exemption Notice 2002 has been completed is that reference to the Crown guarantee; or
(b) regulation 17(3) of the Regulations would apply if the advertisement did not refer to the Crown guarantee.
(3) The exemption in subclause (1) is subject to the condition that,—
(a) in the case of an advertisement other than an investment statement, the reference to the Crown guarantee complies with the conditions in clause 6(c) to (e):
(b) in the case of an advertisement that is an investment statement, the investment statement must contain, or be accompanied by, the information and statements referred to in clause 9(a).
(4) Every specified financial institution, and every person acting on its behalf, is exempted, in respect of an advertisement for specified securities that refers to the Crown guarantee, from regulation 17(2) of the Regulations to the extent that that provision requires certification that the advertisement does not contain any matter that is inconsistent with,—
(a) in the case of a bank, the disclosure statement referred to in the advertisement; or
(b) in the case of a financial institution that is not a bank, the registered prospectus referred to in the advertisement.
(5) The exemption in subclause (4) is subject to the condition that,—
(a) in the case of an advertisement other than an investment statement, the certificate that is completed in respect of the advertisement certifies that the reference in the advertisement to the Crown guarantee complies with the conditions in clause 6(c) to (e) and that, in all other respects, the advertisement does not contain any matter that,—
(i) in the case of a bank, is inconsistent with the disclosure statement referred to in the advertisement; or
(ii) in the case of a financial institution that is not a bank, is inconsistent with the registered prospectus for the securities:
(b) in the case of an advertisement that is an investment statement, the certificate that is completed in respect of the advertisement certifies that the advertisement contains, or is accompanied by, the information and statements referred to in clause 9(a) and that, in all other respects, the advertisement does not contain any matter that,—
(i) in the case of a bank, is inconsistent with the disclosure statement referred to in the advertisement; or
(ii) in the case of a financial institution that is not a bank, is inconsistent with the registered prospectus for the securities.
Clause 7(3): substituted, on 28 November 2008, by clause 4(1) of the Securities Act (New Zealand Deposit Guarantee Scheme) Exemption Amendment Notice 2008 (SR 2008/439).
Clause 7(5): substituted, on 28 November 2008, by clause 4(2) of the Securities Act (New Zealand Deposit Guarantee Scheme) Exemption Amendment Notice 2008 (SR 2008/439).