Dated at Wellington this 26th 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 (Overseas Listed Issuers) Exemption Notice 2002 (the principal notice). The Financial Markets Authority, after satisfying itself as to the matters set out in section 70B(2) of the Securities Act 1978, considers that the amendments to the principal notice are appropriate because—
the exemptions under the principal notice have been in place for a number of years, and the policy reasons for the notice remain valid and relevant. Consultation with market participants by the Financial Markets Authority demonstrates continued reliance on these exemptions:
it is necessary to update the principal notice in light of legislative amendments and a change to the name of New Zealand's securities exchange, and to generally improve the clarity of the principal notice:
given the continuing validity and relevance of the exemptions, the continued reliance on the exemptions, and the matters noted above, the Financial Markets Authority considers that the exemptions will not cause significant detriment to subscribers, and that they are not broader than 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.