Class exemption review for compliance with 2009 securities regulations *

New Zealand - March 15 2011
Last year, the Securities Commission granted a class exemption to address difficulties issuers face in complying with the 2009 Securities Regulations without being able to rely on similar exemptions as those granted from provisions of the 1983 Securities Regulations by certain class notices (the Securities Act (Transition to Securities Regulations 2009) Exemption Notice 2010).

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Explanatory notes for the AFA standard conditions *

New Zealand - March 15 2011
The Commission has published explanatory notes for the AFA standard conditions.

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Update on covered bonds consultation *

New Zealand - March 15 2011
Following on from the completion of a consultation on covered bond programmes by New Zealand banks last year, the Reserve Bank has announced that a regulatory limit will be applied to the issuance of covered bonds.

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More clarification for code company transactions under new bill *

New Zealand - March 15 2011
The omnibus Regulatory Reform Bill (referred to above) includes proposed amendments to the Takeovers Act 1993.

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Submissions called for on the regulatory reform bill *

New Zealand - March 15 2011
An omnibus bill proposing amendments to 13 Acts (including the Companies Act 1993 and the Unit Trusts Act 1960), aimed at reducing the compliance burden for businesses has passed its first reading and has been sent to the Commerce Select Committee.

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