Dated at Wellington this 16th day of July 2009.
The Common Seal of the Securities Commission was affixed in the presence of:
Statement of reasons
This notice, which comes into force on its notification in the Gazette, renews for a further 5 years the Securities Act (Employer Superannuation Schemes) Exemption Notice 2004.
This notice also tidies clause 10 of that notice, part of which expired in October 2004.
The Securities Commission considers that it is appropriate to renew the exemptions because—
the purpose of section 5A of the Securities Act 1978 is to grant an exemption to employer superannuation schemes from the requirement to have a registered prospectus where the costs of the scheme are met by the employer:
some schemes meet this policy purpose, but are unable to comply with the terms of the statutory exemption for various technical reasons:
it is consistent with the purpose of the Securities Act 1978 to grant an exemption to extend the effect of the exemption in section 5A of the Act to these schemes, and to schemes that previously enjoyed the benefit of the section 5(2E) exemption for small employer superannuation schemes before the Securities Amendment Act 2004 came into force.
Date of notification in Gazette: 23 July 2009.
This notice is administered by the Securities Commission.