Securities Act (New Zealand Deposit Guarantee Scheme) Exemption Amendment Notice 2008

  • revoked
  • Securities Act (New Zealand Deposit Guarantee Scheme) Exemption Amendment Notice 2008: revoked, on 21 May 2010, pursuant to clause 14 of the Securities Act (Crown Retail Deposit Guarantee Schemes) Exemption Notice 2010 (SR 2010/120).

Reprint
as at 21 May 2010

Crest

Securities Act (New Zealand Deposit Guarantee Scheme) Exemption Amendment Notice 2008

(SR 2008/439)

  • Securities Act (New Zealand Deposit Guarantee Scheme) Exemption Amendment Notice 2008: revoked, on 21 May 2010, pursuant to clause 14 of the Securities Act (Crown Retail Deposit Guarantee Schemes) Exemption Notice 2010 (SR 2010/120).


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 (New Zealand Deposit Guarantee Scheme) Exemption Amendment Notice 2008.

2 Commencement
  • This notice comes into force on the day after the date of its notification in the Gazette.

3 Principal notice amended
4 Exemptions from regulation 17 of Regulations
  • (1) Clause 7(3) is revoked and the following subclause substituted:

    • (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).

    (2) Clause 7(5) is revoked and the following subclause substituted:

    • (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.

5 Exemptions from other provisions of Act and Regulations
  • Clause 10(a) is revoked and the following paragraph substituted:

    • (a) regulation 7A(4) of the Regulations in respect of information that must be disclosed in an investment statement about the deposit guarantee scheme; and.

Dated at Wellington this 25th day of November 2008.

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

[Seal]

N O Todd,
Member.


Statement of reasons

This notice, which comes into force on the day after the date of its notification in the Gazette,—

  • substitutes new clause 7(3) and (5) of the Securities Act (New Zealand Deposit Guarantee Scheme) Exemption Notice 2008 (the principal notice); and

  • substitutes a new clause 10(a) of the principal notice.

Clause 7(3) and (5) of the principal notice provide conditions to the exemptions from regulation 17 of the Securities Regulations 1983 (which relates to restrictions on the distribution of certain advertisements). The conditions have been amended to distinguish between advertisements that are investment statements and advertisements that are not investment statements, and to ensure that the conditions are consistent with other conditions in the principal notice that relate to investment statements.

Clause 10(a) of the principal notice provides an exemption from regulation 7A(4) of the Securities Regulations 1983 (which requires prescribed information to be set out in the investment statement under particular headings) to the extent that the provision requires information about the Crown deposit guarantee scheme to be included in the investment statement under the heading What returns will I get?. The condition of the exemption allows the information that is required about the deposit guarantee scheme to be included as a separate section in the investment statement or in an insert that accompanies the investment statement.

The amendment removes the reference to the particular heading What returns will I get?.

The Securities Commission considers that it is appropriate to amend the principal notice because,—

  • to ensure the effectiveness of the exemption from regulation 17 of the Securities Regulations 1983, the conditions must provide for advertisements that are investment statements in a manner that is consistent with the other conditions in the principal notice that relate to investment statements; and

  • some issuers may be of the view that information about the deposit guarantee scheme is relevant under more than just the heading What returns will I get?. To ensure the effectiveness of the exemption from regulation 7A(4) of the Securities Regulations 1983 and the effectiveness of providing information about the scheme by way of an insert, it is desirable that the exemption not specify headings; and

  • the amended exemption from regulation 7A(4) of the Securities Regulations 1983 is more permissive and, therefore, the Commission is of the view that issuers who have already prepared or changed their investment statements or prepared inserts in reliance on the original exemption are likely to continue to comply with the amended exemption.


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

Date of notification in Gazette: 27 November 2008.


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 (New Zealand Deposit Guarantee Scheme) Exemption Amendment Notice 2008. The reprint incorporates all the amendments to the notice as at 21 May 2010, 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 (Crown Retail Deposit Guarantee Schemes) Exemption Notice 2010 (SR 2010/120): clause 14