The Securities Act notice exempted the company from the standard obligations that normally applied when shares were offered to the public (such as the requirements for there to be a registered prospectus and for investors to be given an investment statement before they invest). Conditions under the exemption notice required the company to comply with certain alternative requirements.
After the effective date, the Securities Act and the Securities Act notice will cease to apply and the shares will instead be subject to the Financial Markets Conduct Act 2013 (the FMC Act). However, a new exemption notice called the Financial Markets Conduct (Communal Facilities in Real Property Developments) Exemption Notice 2016 (the FMC Act notice) will apply. The effect of the FMC Act notice is that the company may not be required to comply with financial reporting requirements under the FMC Act. In addition, the company will not be required to comply with ongoing disclosure obligations or with obligations relating to the register of the shares and document keeping. However, financial reporting and other requirements under the Companies Act 1993 may still apply.