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Summary of

Securities Act (Renewals and Variations) Exemption Amendment Notice 2004

2004/98

Gazetted on 22 April 2004.
Expires on 30 September 2007.

This notice amends the Securities Act (Renewals and Variations) Exemption Notice 2002 (2002/292), the principal notice.

Effects of the exemption and the amendment
The principal notice exempts, subject to conditions, offers of securities which arise from a change in the terms and conditions of existing securities from the prospectus, investment statement and shareholder certificate provisions of the Act. The amendment exempts previously offered debt securities from the trustee and trust deed requirements only where the original offer of the securities did not have to comply with these requirements.

The amendment
The principal notice is amended by adding at the beginning of clause 5 an exemption from section 33(2) of the Act for any security that varies the terms or conditions of an existing security if compliance with that section was not required for the original offer of the security.

Clause 6 is consequentially amended to refer to the "exemptions" rather than the "exemption" in clause 5.

Statement of reasons
It is appropriate to make the amendments to the principal notice because -

• the exemption from section 33(2) of the Securities Act 1978 will apply only to a previously allotted security where the original offer of the security did not require compliance with section 33(2). The exemption is consistent with the policy in section 6(1) of the Securities Act 1978, which exempts previously allotted securities from section 33 of that Act; and
• the condition of exemption will require that holders of the securities are advised of the terms and effect of the proposed variation, including any material matters concerning the variation.