Dated at Wellington this 21st day of September 2009.
The Common Seal of the Securities Commission was affixed in the presence of:
Statement of reasons
Note: the following statement of reasons should be read in conjunction with the statement(s) of reasons appended to:
This notice comes into force on the day after the date of its notification in the Gazette and expires on 30 September 2014.
The Securities Act 1978 (the Act) applies to offers to the public of shares in greyhounds, whether through a company or a syndicate (unless exempted under section 5(1)(c) of the Act).
This notice provides exemptions from certain provisions of the Act for issuers who have agreed to comply with a code of practice approved by the Securities Commission (the approved code of practice) and are registered with New Zealand Greyhound Racing Association Incorporated (Greyhound Racing NZ). The approved code of practice, which is administered by Greyhound Racing NZ, regulates the offer to the public of securities relating to greyhounds registered with Greyhound Racing NZ.
The Securities Commission considers it is appropriate to grant the exemptions for the following reasons:
greyhound racing in New Zealand, along with horse racing, is regulated under the Racing Act 2003. Public offers of shares in horse bloodstock syndicates already operate under exemptions from the Act granted by the Securities Act (Bloodstock) Exemption Notice 2002 (SR 2002/303), which recognises the statutory regime in place for the regulation of horse racing. This notice provides the same exemptions for greyhound syndicates:
The operation of the exemptions will be monitored through annual reporting to the Securities Commission.
Note: the preceding statement of reasons should be read in conjunction with the statement(s) of reasons appended to: