Explanatory note

This note is not part of the notice, but is intended to indicate its general effect.

This notice, which comes into force on its notification in the Gazette, amends the Securities Act (Credit Unions) Exemption Notice 2000 (the 2000 notice) by extending the expiry date for clause 8 of that notice from 31 October 2001 to 31 December 2001.

Until the expiry of the Securities Act (Credit Unions) Exemption Notice (No 2) 1997 (the 1997 notice), credit unions may continue to choose between the 1997 notice and the 2000 notice. Clause 8 of the 2000 notice provides that nothing in the 1997 notice applies to debt securities issued by a credit union in reliance on any exemption granted by the 2000 notice. Accordingly, credit unions cannot take advantage of exemptions from both notices, but must choose between the notices. As the expiry date of the 1997 notice has been extended from 31 October 2001 to 31 December 2001, the expiry date of clause 8 of the 2000 notice is extended also.