240 Protection from non-compliance: KiwiSaver Budget Measures Act 2015

Non-compliance with either financial markets legislation, as defined in section 6(1) of the Financial Markets Conduct Act 2013, or the Fair Trading Act 1986 is ignored if the non-compliance results from the enactment of the KiwiSaver Budget Measures Act 2015 and either the non-compliance does not continue on or after 22 July 2015 or the non-compliance—

(a)

relates to a prospectus that is registered under the Securities Act 1978 and,—

(i)

the prospectus is registered on or before 21 May 2015; and

(ii)

the issuer takes reasonable steps to ensure that copies of the prospectus that are distributed on or after 22 July 2015 by or on behalf of the issuer include or are accompanied by written notice of the effect of the enactment of the KiwiSaver Budget Measures Act 2015; or

(b)

relates to an investment statement under the Securities Act 1978 and,—

(i)

the investment statement is dated on or before 21 May 2015; and

(ii)

the issuer takes reasonable steps to ensure that copies of the investment statement that are distributed on or after 22 July 2015 by or on behalf of the issuer include or are accompanied by written notice of the effect of the enactment of the KiwiSaver Budget Measures Act 2015; or

(c)

relates to a product disclosure statement under the Financial Markets Conduct Act 2013 and the period of the non-compliance ends before 22 July 2015.

Section 240: inserted (with effect at 2 pm on 21 May 2015), on 27 May 2015, by section 6 of the KiwiSaver Budget Measures Act 2015 (2015 No 55).