This notice comes into force on the day after the date of its notification in the Gazette. The notice is revoked on the close of 30 November 2015.

The notice exempts, subject to conditions, any issuer that has applied to enter into a listing agreement with NZX Limited (NZX) for listing on the NZX Main Board (an NZX issuer), and the holder of previously allotted specified securities in the NZX issuer (an offeror), from certain requirements of the Securities Regulations 2009 (the Regulations) in respect of equity securities in the NZX issuer. The notice exempts an NZX issuer and any offeror from certain specific form and content requirements of the Regulations in relation to the investment statement. As a result of the exemptions, an investment statement will not be required to contain information about various matters referred to in Schedule 13 of the Regulations, including—

• the types of charges that are or may be payable to the issuer or a promoter or an associated person of the issuer or promoter (clause 7):

• the amount of those charges (clause 8):

• a description of any right of the issuer, a subscriber, or any other person to terminate, cancel, surrender, or otherwise make or obtain payment of the returns from the securities (clause 14):

• information about inquiries and complaints (clauses 16 and 17):

• a statement relating to the availability of the prospectus and financial statements at the Companies Office (clause 18(1)(c)):

• statements about annual information and information that is available on request (clauses 19 and 20).

The Financial Markets Authority, after satisfying itself as to the matters set out in section 70B(2) of the Act, considers it appropriate to grant the exemptions because—

• the purpose of an investment statement is to provide prescribed key information that is likely to assist a prudent but non-expert person to decide whether or not to subscribe for the securities, and to bring to the attention of such a person the fact that other important information about the securities is available to them in other documents:

• the Regulations contemplate that certain matters may not be applicable to a particular offer of securities and therefore the investment statement is not required to refer to such matters. However, for an initial offer of equity securities to the public, there are a number of prescribed matters that, while applicable, will not provide useful or relevant information to investors in order for them to make an informed investment decision:

• the Regulations also contemplate a prescribed form for the information that is not necessarily the form most likely to assist a prudent but non-expert person to decide whether or not to subscribe for an initial offer of equity securities to the public:

• by requiring the inclusion of matters that will not be useful in the context of an initial offer of equity securities to the public, or by requiring a form that is not the most appropriate form, the relevant information in the investment statement may become less clear and the investment statement will be less effective in achieving its purpose:

• the exemptions will enable issuers to prepare a separate investment statement that provides investors with clearer and more effective information in an appropriate form for the initial offer of equity securities to the public:

• in these circumstances, the Financial Markets Authority considers that the exemptions will not cause significant detriment to investors because it considers that all material information relevant to the decision of a prudent but non-expert person in the context of the offer is required to be included and the exemptions will allow the investor to be provided with a clearer and more effective investment statement:

• the Financial Markets Authority considers that the exemptions are not broader than is reasonably necessary to address the matters that gave rise to the exemptions because they only exempt the issuers from providing information that is not useful or relevant to investors in order for them to make an informed investment decision and further exempt issuers from using a prescribed form that is not necessarily the form most likely to assist investors.