This notice, which comes into force on its notification in the Gazette, amends the Securities Act (Renewals and Variations) Exemption Notice 2002 (“the principal notice”).

The Securities Commission considers it is appropriate to make the amendments to the principal notice because—

• the exemption from section 33(2) of the Securities Act 1978 will apply only to a previously allotted security where the original offer of the security did not require compliance with section 33(2). The exemption is consistent with the policy in section 6(1) of the Securities Act 1978, which exempts previously allotted securities from section 33 of that Act; and

• the condition of exemption will require that holders of the securities are advised of the terms and effect of the proposed variation, including any material matters concerning the variation.