Dated at Wellington this 25th day of March 2013.
Head of Primary Regulatory Operations.
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 (Friendly Societies) Exemption Notice 2011 (the principal notice). The principal notice exempts, subject to conditions, certain friendly societies from various provisions of the Securities Act 1978 (the Act) and the Securities Regulations 2009 in respect of participatory securities and life insurance policies issued by the friendly societies.
The amendment made by this notice extends the term of the principal notice by changing the expiry date from 31 March 2013 to 30 September 2017.
The Financial Markets Authority (FMA), after satisfying itself as to the matters set out in section 70B(2) of the Act, considers it appropriate to amend the principal notice because—
the exemptions in the principal notice have been in place for a number of years and the policy reasons for the exemptions remain valid and relevant. Consultation with market participants by FMA demonstrates continued reliance on the exemptions:
given the continuing validity and relevance of the exemptions, and the continued reliance on the exemptions, FMA considers that the exemptions will not cause significant detriment to subscribers and that they are not broader than is reasonably necessary to address the matters that gave rise to the exemptions.
Date of notification in Gazette: 28 March 2013.
This notice is administered by the Financial Markets Authority.