Securities Act (Asian Development Bank) Exemption Notice 2009

  • expired
  • Securities Act (Asian Development Bank) Exemption Notice 2009: expired, on 1 April 2014, by clause 3.

Reprint
as at 1 April 2014

Coat of Arms of New Zealand

Securities Act (Asian Development Bank) Exemption Notice 2009

(SR 2009/122)

  • Securities Act (Asian Development Bank) Exemption Notice 2009: expired, on 1 April 2014, by clause 3.


Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This notice is administered by the Financial Markets Authority.


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 (Asian Development Bank) Exemption Notice 2009.

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 31 March 2014.

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

    Act means the Securities Act 1978

    ADB means the Asian Development Bank of which the New Zealand Government is a member under the International Finance Agreements Amendment Act 1966

    ADB information means the ADB's most recent information statement, annual report, specified financial statements, and unaudited quarterly financial statements

    information statement means a statement prepared each year as at the ADB's balance date that contains a summary of the ADB's capital, operations, administration, and legal status

    Regulations means the Securities Regulations 1983

    securities registrar means the registrar appointed from time to time by the ADB in New Zealand in respect of the specified securities

    specified financial statements means the audited annual financial statements of the ADB that comply with the conditions in clause 7 of the Financial Reporting Act (Asian Development Bank) Exemption Notice 2009

    specified securities means debt securities issued under the ADB's New Zealand medium-term note programme or under any successor to that programme.

    (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 Exemptions from sections 33(2), 37, 51, 52, 54, and 54B(3) of Act
  • The ADB 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 specified securities.

6 Condition of exemptions in clause 5
  • The exemptions in clause 5 are subject to the condition that the investment statement that relates to the specified securities—

    • (a) contains a statement to the effect that copies of the ADB information are available on request, without fee, from the ADB or from the securities registrar; and

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

Dated at Wellington this 5th day of May 2009.

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 the date of its notification in the Gazette and expires on 31 March 2014.

The notice exempts the Asian Development Bank (ADB) from sections 33(2), 37, 51, 52, 54, and 54B(3) of the Securities Act 1978 in relation to debt securities issued by the ADB.

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

  • the exemptions allow the ADB to extend offers of securities under its debt issuance programme to investors in New Zealand using offer documents prepared in accordance with United States federal law. The exemptions recognise the international character of the ADB and the disclosure requirements of United States securities laws. The financial information provided by the ADB under the terms of the exemptions, together with the investment statement provided under New Zealand law, will enable New Zealand investors to make an informed investment decision:

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


Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 7 May 2009.


Reprints notes
1 General
  • This is a reprint of the Securities Act (Asian Development Bank) Exemption Notice 2009 that incorporates all the amendments to that notice as at the date of the last amendment to it.

2 Legal status
  • Reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by any amendments to that enactment. Section 18 of the Legislation Act 2012 provides that this reprint, published in electronic form, has the status of an official version under section 17 of that Act. A printed version of the reprint produced directly from this official electronic version also has official status.

3 Editorial and format changes
4 Amendments incorporated in this reprint
  • Securities Act (Asian Development Bank) Exemption Notice 2009 (SR 2009/122): clause 3