Dated at Wellington this 8th day of December 2009.
The Common Seal of the Securities Commission was affixed in the presence of:
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 (Short Form Prospectus) Exemption Notice 2009 to—
change the expiry date of the exemptions from various provisions of the Securities Regulations 1983 from 30 September 2012 to 31 December 2011; and
extend an existing exemption from section 34(2)(a) of the Securities Act 1978 (the Act) so that it applies in respect of offers under the Securities Regulations 2009 (as well as offers under the Securities Regulations 1983).
The Securities Commission considers that the amendments to the principal notice are appropriate because—
offers of securities cannot continue to be made in prospectuses that comply with the Securities Regulations 1983 after 31 December 2011. Accordingly, the exemptions granted in respect of offers under the Securities Regulations 1983 will not be required after that date; and
section 34(2)(a) of the Act provides that every registered prospectus that is distributed must be accompanied by a copy of any financial statements referred to in the prospectus. This removes much of the benefit of the short form prospectus regime available for offers to existing security holders (in circumstances where the issuer has already made available a copy of its most recent financial statements to holders of securities of the same class as that held by the persons to whom the offer is being made). This exemption addresses this difficulty; and
the new exemption from section 34(2)(a) of the Act in respect of the short form prospectus regime under the Securities Regulations 2009 has the same effect as an existing exemption granted in respect of the short form prospectus regime under the Securities Regulations 1983.
Date of notification in Gazette: 10 December 2009.
This notice is administered by the Securities Commission.