FMA has now made decisions on most of the Securities Act and Financial Reporting Act class exemption notices that were scheduled to expire in 2013. The amendment and replacement notices that give effect to these decisions have also been executed and notified on FMA's website.
The table below specifies the amendment notice or replacement notice, corresponding to each of the expiring exemption notices. Click on the links below to access a copy of the updated notices from the FMA's website. The notices will be published on the New Zealand legislation website (www.legislation.govt.nz) once the notices have been notified in the Gazette.
Click here to view table.
Generally the Securities Act amendment notices come into force on 29 March 2013, and the replacement Securities Act notices come into force on 1 April 2013. The Financial Reporting Act exemption notices come into force on 29 March 2013. However, the new Financial Reporting Act notice for dual listed issuers came into force on 27 March 2013 to provide for those issuers who need to register financial statements in reliance on this notice before 31 March 2013.
In most cases significant amendments have been made to the exemptions. We will provide further details of these amendments in later client updates.
Additional details on the status of FMA's class exemption review are available in the FMA's latest project update report here. The report includes details of other class exemption notices expiring in 2013.