Securities Act (Australian Registered Managed Investment Schemes) Exemption Amendment Notice 2013

2013/277

Coat of Arms of New Zealand

Securities Act (Australian Registered Managed Investment Schemes) Exemption Amendment Notice 2013

Pursuant to sections 70B and 70D of the Securities Act 1978, the Financial Markets Authority gives the following notice (to which is appended a statement of reasons of the Financial Markets Authority).

Notice

1 Title
  • This notice is the Securities Act (Australian Registered Managed Investment Schemes) Exemption Amendment Notice 2013.

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

3 Principal notice
4 Clause 3 replaced (Expiry)
  • Replace clause 3 with:

    3 Revocation
    • This notice is revoked on the close of 30 September 2017.

5 Clause 4 amended (Interpretation)
  • In clause 4, definition of Regulations, replace 1983 with 2009.

6 Clause 5 amended (Exemptions for distribution reinvestment schemes)
  • In clause 5(2), replace regulation 8 with regulation 23.

Dated at Wellington this 14th day of June 2013.

Sue Brown,
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 (Australian Registered Managed Investment Schemes) Exemption Notice 2008 (the principal notice) to—

The Financial Markets Authority (the 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 principal notice has been a long-standing class exemption notice allowing certain Australian issuers to extend offers of securities to members of the public in New Zealand using Australian offer documents. The Securities (Mutual Recognition of Securities Offerings—Australia) Regulations 2008 provide a comprehensive regulatory regime for the extension of offers made in compliance with Australian law. The exemptions available in the principal notice are for these limited offers which are not adequately covered by those regulations but would be available under the principal notice, particularly offers of securities in Australian registered managed investment schemes under distribution reinvestment plans:

  • the exemptions available in the principal notice have been in place for a number of years, and the policy reasons in the principal notice remain valid and relevant. Consultation with market participants by the FMA demonstrates continued reliance on that notice:

  • minor amendments are required to update the principal notice in light of the making of the Securities Regulations 2009. Given the continued validity and relevance of the exemptions, the FMA considers 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.


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

Date of notification in Gazette: 20 June 2013.

This notice is administered by the Financial Markets Authority.