The Financial Markets Authority has carried forward the provisions of the Securities Act (NZX–NZAX Market) Exemption Notice 2005 with the issue of the Securities Act (NZX–NZAX Market) Exemption Notice 2011.

The effect of the 2005 notice, which expired on 1 June 2010, was to exempt NZAX issuers from the requirement to provide an investment statement to prospective investors before they subscribed for equity securities, including in respect of previously allotted securities, and instead to require NZAX issuers to register a prospectus with an alternative schedule of contents.

This notice carries forward the effect of the 2005 notice, with a number of minor changes to reflect the introduction of the Securities Regulations 2009, more accurately reflect the way information is displayed by NZAX issuers, and provide for transitional arrangements.

The notice came into force on 30 September 2011 and will expire on 30 September 2016.