The Securities Regulations 2009 have been updated by the Securities Amendment Regulations 2011. Most of the changes have been made to align the regulations with the Financial Markets Authority Act 2011, the Securities Amendment Act 2011, the Securities Markets Amendment Act 2011 and the KiwiSaver Amendment Act 2011 all of which formed part of the Financial Markets (Regulators and KiwiSaver) Bill passed in April. The changes also align the 2009 Regulations with the Financial Advisers Act 2008, which came fully into force on 1 July.

Investment Statement amendments

The amendments include changes to Schedule 13 of the 2009 Regulations, which specifies matters required in investment statements, so that:

  • the prescribed disclosure at the front of investment statements replaces the previous "Engaging an investment adviser" section with information on the Financial Markets Authority and refers to the new financial advisers' regime;
  • where the names and addresses of the directors are required, the details are to be "as at the date of the investment statement". In addition, the investment statement must include a statement to the effect that these details may change after the date of the investment statement and specify where and how the current name or address may be obtained. This will mean that there will be no need to produce a new investment statement each time the name of a director or a stated address changes;
  • the information provided in the investment statement under the heading "is there anyone to whom I can complain if I have problems with the investment" will include a statement as to whether complaints can be made to an approved dispute resolution scheme rather than an ombudsman.

KiwiSaver schemes

A new schedule has been added to the Securities Regulations 2009 setting out the information, statements, and other matters which must be included in a registered prospectus relating to an offer of interests in a KiwiSaver scheme (other than a "restricted scheme" as defined in the KiwiSaver Act 2006).

Additional changes have also been made to reflect the structural changes to KiwiSaver schemes effected by the KiwiSaver Amendment Act 2011.


The new regulations came into force on 1 July, but there are transitional provisions which provide that no change is required for investment statements dated earlier than 1 August 2011.

There are also separate transitional provisions specifying when these amendments are to apply to a prospectus or investment statement relating to interests in an existing KiwiSaver scheme.