Securities Act (Employee Share Purchase Schemes—Listed Companies) Exemption Amendment Notice 2011

2011/107

Coat of Arms of New Zealand

Securities Act (Employee Share Purchase Schemes—Listed Companies) Exemption Amendment Notice 2011

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 (Employee Share Purchase Schemes—Listed Companies) Exemption Amendment Notice 2011.

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

4 Transitional provisions
  • Clause 14(4)(b) is amended by omitting 30 June 2011 and substituting 31 October 2011.

Dated at Wellington this 19th day of April 2011.

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

[Seal]

N O Todd,
Member.


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 (Employee Share Purchase Schemes—Listed Companies) Exemption Notice 2011 (the 2011 notice).

The transitional provisions in the 2011 notice allow an issuer that has previously relied on the Securities Act (Employee Share Purchase Schemes—Listed Companies) Exemption Notice 2006 to continue to rely on that notice, but only if the prospectus and investment statement have been amended to meet the disclosure requirements of clause 9 of the 2011 notice. This notice extends the date by which amendments must be made to an investment statement from 30 June 2011 to 31 October 2011.

The Securities Commission considers that it is appropriate to amend the 2011 notice because—

  • the amendment aligns the date by which amendments are required to be made to investment statements with the date by which amendments are required to be made to prospectuses; and

  • the Commission considers that aligning these dates and giving issuers more time to comply with the new disclosure requirements of clause 9 is desirable to avoid unnecessary compliance costs and reduce the likelihood that an issuer may fail to comply with the new disclosure requirements due to an inadvertent oversight.


Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 21 April 2011.

This notice is administered by the Securities Commission.