Securities Act 1978

  • repealed
  • Securities Act 1978: repealed, on 1 December 2014, by section 4(1)(a) of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

FMA's powers to prohibit distribution of investment statements, prohibit allotments, or cancel registration of prospectuses

  • Heading: inserted, on 1 May 2011, by section 21 of the Securities Amendment Act 2011 (2011 No 6).

43F Prohibition of distribution of investment statement
  • (1) The FMA may, at any time, make an order prohibiting the distribution of an investment statement if the FMA is of the opinion that the investment statement—

    • (a) is likely to deceive, mislead, or confuse with regard to any particular that is material to the offer of securities to which it relates; or

    • (b) is inconsistent with any registered prospectus referred to in it; or

    • (c) does not comply with this Act or the regulations.

    (2) If an order is made under subsection (1) in respect of an investment statement,—

    • (a) no allotment may be made of any securities subscribed for whether before or after the order is made (being securities to which the investment statement relates):

    • (b) all subscriptions received for securities to which the investment statement relates, not being subscriptions for securities that were allotted before the order is made or subscriptions received after the order is revoked, must be immediately repaid to the subscribers.

    (3) An allotment made in contravention of subsection (2)(a) is invalid and of no effect.

    Section 43F: inserted, on 1 May 2011, by section 21 of the Securities Amendment Act 2011 (2011 No 6).