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Summary of

Securities Act (Audiovisual Advertisements) Exemption Notice 2002

2002/289

Gazetted on 19 September 2002
Expires on 30 September 2007

This notice replaces the Securities Act (Audiovisual Advertisements) Exemption Notice 1997 (the 1997 notice).

Context
The exemption applies to "audiovisual advertisements", that is advertisements which

• are distributed by radio, television or film; and
• contain or refer to an offer of debt securities to the public; and
• specify an address, telephone number or website from which to obtain an investment statement for the offer; and
• comply with the Act and the Regulations.

Effects of the exemption
An issuer is permitted, subject to a condition, to omit certain information relating to an offer of debt securities in an audiovisual advertisement for the offer. The information that may be omitted relates to guarantees, to references as to whether securities are secured or unsecured, and to references to the minimum amount of securities that would have to be held in order to earn a quoted rate of interest.

The exemption
In the case of audiovisual advertisements issuers are exempted, subject to a condition, from regulation 11(a) and (b), regulation 14(1), and regulation 21 to the extent that it requires an advertisement that states the rate of interest that may be earned by holding securities to provide the minimum amount of securities that would have to be held to earn that rate of interest.

Condition
The exemptions are subject to the condition that written information in the advertisement must be displayed clearly and prominently and for a sufficient time to be read.

Changes to the 1997 notice
The exemptions in the 1997 notice are carried forward into this notice with additions that

• enable issuers to advertise telephone numbers and websites for obtaining an investment statement; and
• impose a condition of exemption which requires written information in the advertisement to be clearly and prominently displayed for sufficient time to be read.

Reasons
The Commission reviewed the 1997 notice and received submissions from interested parties. The exemptions in the 1997 notice were found to be relevant and useful. The additions reflect use of new technology to acquire information and address a problem encountered with television advertising for debt securities which displayed required information in small print for a very short time. The exemption reflects current Commission policy.