The FMA has provided an exemption to New Zealand-registered banks and their parent companies from certain provisions of the Securities Act 1978 and the Securities Regulations 2009 for convertible securities and equity securities issued on conversion of a convertible security. The exemptions and conditions are similar to those in theSecurities Act (Rights, Options, and Convertible Securities) Exemption Notice 2013 which banks are unable to rely on for technical reasons. A copy of the exemption notice is available here.