Dated at Wellington this 16th day of December 2011.
Head of Primary Regulatory Operations.
Statement of reasons
This notice, which comes into force on 20 December 2011 and expires on 30 November 2016, applies where fewer than 2 directors of an issuer are fluent in the language in which an advertisement is distributed to the public. The effect of the exemption is to allow the directors of the issuer, or their authorised agents, to complete the advertisement certificate required by regulation 30(2) of the Securities Regulations 2009 if the directors or agents have read, seen, or listened to a translation of the advertisement.
The Financial Markets Authority, after satisfying itself of the matters set out in section 70B(2) of the Securities Act 1978, considers it appropriate to grant the exemption set out in this notice for the following reasons:
advertisements for securities can be made in any language. Directors, or their agents authorised in writing, are responsible for certifying that advertisements are not deceptive, misleading, confusing, or inconsistent with the relevant offer document or disclosure statement. The exemption addresses difficulties an issuer may face where fewer than 2 of its directors are fluent in the language of the advertisement:
the condition requires the directors, or their authorised agents, to have read, seen, or listened to an accurate translation of the advertisement, and to set out their grounds for believing that the translation is accurate.
In light of the restricted application of the exemption and the conditions requiring the persons making the certification to have, and specify, reasonable grounds for believing the translation to be accurate, the Financial Markets Authority considers that the exemption will not cause significant detriment to subscribers, and that the exemption is not broader than is reasonably necessary to address the matters that gave rise to the exemption.
Date of notification in Gazette: 19 December 2011.
This notice is administered by the Financial Markets Authority.