This note is not part of the regulations, but is intended to indicate their general effect.
These regulations, which come into force on 1 April 2014, amend the Securities Regulations 2009 (the 2009 regulations).
The 2009 regulations contain various references to financial statements that comply with, and are registered under, the Financial Reporting Act 1993 (the 1993 Act). The 1993 Act is repealed on 1 April 2014 by the Financial Reporting Act 2013 (the 2013 Act).
Regulation 4 inserts new regulation 4A, which confirms that a reference in the 2009 regulations to the 1993 Act is a reference to that Act as in force before its repeal. This is consistent with a transitional provision in section 55 of the 2013 Act, which provides for the 1993 Act to continue to apply to issuers.
It is anticipated that further amendments to the 2009 regulations will be made to take into account the financial reporting changes made by the 2013 Act and also the commencement of the main substantive parts of the Financial Markets Conduct Act 2013 (the FMCA). Under Part 1 of Schedule 4 of the FMCA, the Securities Act 1978 and the 2009 regulations may continue to apply to an offer of securities up until the date that is 2 years after those main substantive parts come into force. The anticipated amendments to the 2009 regulations will ensure that these regulations can continue to be used during this transitional period (for example, amendments that will allow financial statements to be prepared in accordance with generally accepted accounting practice as defined in the 2013 Act).