• About
• Publications
• Exemptions
• Notices
• What's new?
• International
• Speeches
• Information for investors
• Contact us
• Site map
• Home

Summary of

Securities Act (OM-IP Companies) Exemption Amendment Notice 2003

2003/276

Gazetted on 9 October 2003.

Effects of the exemption
This notice amends the Securities Act (OM-IP Companies) Exemption Notice 1999 (SR 1999/426) (the principal notice).

Context/Background
The principal notice provides exemptions for "OM-IP companies", certain companies incorporated in the Cook Islands with a common registered holder of voting securities and ultimate beneficial owner of the voting securities.

The exemption
The amendment notice amends the definition of "OM-IP company" to take account of a name change of the ultimate beneficial owner referred to above.

The amendment notice also replaces one of the conditions of exemption of the principal notice, clause 8(a)(iv), to provide for banks other than Westpac Banking Corporation to act as guarantor for the securities being offered.

Reasons
The amendment to the definition of "OM-IP company" reflects a change of company name, and does not make any changes of substance.

The amendment to clause 8(a)(iv) of the OM-IP provides for an equivalent level of disclosure and enables potential investors to make an informed decision.