Dated at Wellington this 21st day of July 2014.
Statement of reasons
This notice, which comes into force on the day after the date on which it is notified in the Gazette, extends the term of several exemption notices made under the Securities Act 1978 until 30 November 2016.
The Financial Markets Authority (FMA), after satisfying itself as to the matters set out in section 70B(2) of the Securities Act 1978, considers it appropriate to grant the exemption because,—
in various circumstances, issuers may offer securities in accordance with the Securities Act 1978 regime during the transitional period under the Financial Markets Conduct Act 2013. This notice extends various class exemption notices made under the Securities Act 1978 that would otherwise expire during the transitional period. The extension of these class exemption notices will enable issuers to offer securities in accordance with the Securities Act 1978 regime and in reliance on the relevant exemption notice during the transitional period:
the exemptions in these notices have been in place for a number of years and the policy reasons for the notices remain valid and relevant. FMA is not aware of any misuse of the exemptions in the notices or any harm arising to investors in connection with their use. FMA is aware of the potential continued reliance on these exemptions during the transitional period. Accordingly, these exemptions continue to be required and remain appropriate in light of the policy of these notices:
given the continued validity and relevance of the exemptions, and the potential for 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: 24 July 2014.
This notice is administered by the Financial Markets Authority.