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

12 May 1999

News Release

Exemption Notes - A New Service

The Securities Commission has launched a new service for people interested in or seeking exemptions from securities law, Chairman Euan Abernethy said today. The service involves publishing an Exemption Note on each new exemption approved by the Commission.

The Exemption Note includes:

• the name of the exemption and its Statutory Regulation reference number,
• the sections of the legislation from which the exemption has been granted,
• a brief description of any conditions attached to the exemption,
• a brief, plain language description of the effects of the exemption, and
• a summary of the Commission's reasons or principal considerations for approving the exemption.

Exemption Notes are placed on the Commission's web site after the exemption notice is published in the New Zealand Gazette. The Exemption Notes can be found at www.seccom.govt.nz on the Notices page.

Under the Securities Act 1978 the Commission can grant exemptions from the obligation to comply with a number of provisions of the Securities Act 1978, Part II of the Securities Amendment Act 1988 and the Securities Regulations 1983.

"Applicants for an exemption should study the Exemption Notes and be familiar with relevant previous exemptions," Euan Abernethy said. "However, the Commission will keep policies under review and will not be bound by prior decisions."

It should not be assumed that a Commission interpretation of the law applied in relation to a particular exemption is necessarily applicable for all purposes of securities law and the Commission may use its exemption power merely to give certainty to an applicant.

Further information:
Catherine Chapman Ph: (04) 472 9833 ext 840

Return to index