Securities Act (Crown Wholesale Debt Securities) Exemption Amendment Notice 2009

  • revoked
  • Securities Act (Crown Wholesale Debt Securities) Exemption Amendment Notice 2009: revoked, on the close of 30 November 2016, pursuant to clause 3 of the Securities Act (Crown Wholesale Debt Securities) Exemption Notice 2004 (SR 2004/264).

Reprint as at 1 December 2016

Coat of Arms of New Zealand

Securities Act (Crown Wholesale Debt Securities) Exemption Amendment Notice 2009

(SR 2009/224)

Securities Act (Crown Wholesale Debt Securities) Exemption Amendment Notice 2009: revoked, on the close of 30 November 2016, pursuant to clause 3 of the Securities Act (Crown Wholesale Debt Securities) Exemption Notice 2004 (SR 2004/264).

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 (Crown Wholesale Debt Securities) Exemption Amendment Notice 2009.

2 Commencement

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

3 Principal notice amended
4 Expiry

Clause 3 is amended by omitting “2009” and substituting “2014”.

Dated at Wellington this 24th day of August 2009.

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


[Seal]

J Diplock,
Chairperson.

Statement of reasons

This notice, which comes into force on the day after the date of its notification in the Gazette, amends the Securities Act (Crown Wholesale Debt Securities) Exemption Notice 2004 (the principal notice) to extend the expiry date of the principal notice from 31 August 2009 to 31 August 2014. The principal notice exempts the Crown, and certain other offerors of specified debt securities, from regulation 7A(1) and clause 5(1)(b) of Schedule 3D of the Securities Regulations 1983. These provisions relate to the content of investment statements.

The Securities Commission considers it appropriate that the principal notice be renewed because the reasons justifying the original exemptions remain valid. They are as follows:

  • where Part 2 of the Securities Act 1978 applies to an offer of previously allotted securities to the public, both the person offering the securities and the original allotter of the securities have a responsibility for the offer as issuers. In this case, the more relevant information for disclosure to investors is about the Crown. Information about the wholesale investors (being the persons offering the securities) as issuers may not be useful to the retail investors and may also be confusing. The conditions of the exemption from regulation 7A(1) of the Securities Regulations 1983 require potential investors to be advised that the offerors remain legally responsible as issuers:

  • the investment statements for the offers of debt securities to the public made by the wholesale investors are prepared by the Crown. The exemptions in the principal notice recognise that certain information relating to the wholesale investors is not available to the Crown at the time the investment statement is prepared. The exemptions enable information to be given to investors in a form other than the investment statement, so long as it is given prior to subscription.

Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 27 August 2009.

Reprints notes
1 General

This is a reprint of the Securities Act (Crown Wholesale Debt Securities) Exemption Amendment 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

Editorial and format changes to reprints are made using the powers under sections 24 to 26 of the Legislation Act 2012. See also http://www.pco.parliament.govt.nz/editorial-conventions/.

4 Amendments incorporated in this reprint

Securities Act (Crown Wholesale Debt Securities) Exemption Notice 2004 (SR 2004/264): clause 3