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). This exemption notice expired on 31 December 2010 but was extended to 31 March 2011 by the Securities Act (Transition to Securities Regulations 2009) Exemption Notice 2010 Amendment Notice 2010 to allow the Commission more time to complete its review of the class notices covered by the exemption notice.

In January this year the Commission completed a consultation on the following class notices covered by the 2010 exemption notice:

  • Securities Act (Co-operative Companies) Exemption Notice 2002;
  • Securities Act (Employee Share Purchase Schemes - Listed Companies) Exemption Notice 2006 which has since been replaced by the Securities Act (Employee Share Purchase Schemes - Listed Companies) Exemption Notice 2011;
  • Securities Act (Employee Share Purchase Schemes - Unlisted Companies) Exemption Notice 2005;
  • Securities Act (Financial Institutions) Exemption Notice 2007;
  • Securities Act (Friendly Societies) Exemption Notice 2002;
  • Securities Act (Industrial and Provident Societies) Exemption Notice 2002;
  • Securities Act (Stock and Station Agents) Exemption Notice 2002; and
  • Securities Act (Takeovers) Exemption Notice 2001.  

In the case of most of the class notices, the new proposed class notices continue exemptions from provisions of the Securities Act, and provide for existing exemptions from the provisions of the 1983 Regulations to be extended to equivalent provisions of the 2009 Regulations. The replacement notices are expected to be gazetted before the end of the month.

To view the new proposed class notices and for details of this consultation click here.