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About exemptions
The Securities Act 1978, Securities Markets Act 1988, and Financial Reporting Act 1993 empower the Commission to exempt people from various provisions of these laws. The power to grant exemptions from the law is very significant. We aim to base all exemptions soundly on the policy of securities law or financial reporting law, respectively.
Conditions of exemption provide alternative compliance procedures so that the spirit of the law is maintained, particularly the requirement to provide investors with relevant information. Directors and advisers of issuers who are granted exemptions, or who rely on class exemptions, should be aware of this.
Exemptions remove rigidities in the law for traditional investment products and facilitate offers of new products, and products offered by overseas issuers, so that they can be made available to investors cost-effectively and without delay.
We prefer to grant class exemptions rather than individual exemptions. When time allows we consult publicly, particularly where an application involves significant policy questions.
See also:
- How to apply for an exemption
- Format for applying for exemptions
- Current exemptions
- Exemption summaries 1999 - 2005
- Policies
- Annual returns by fund managers
- Securities Commission Review of Class Exemption Notices - Project Report - 14 August 2007
- Securities Commission Review of Class Exemption Notices - Update of Project Report - 25 October 2007