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Summary of

Securities Act (Overseas Companies) Exemption Notice 2002 - Amendment

2004/314

Gazetted on 16 September 2004

Effects of the exemption
Spanish stock exchanges are added to the list of exchanges covered by the Securities Act (Overseas Companies) Exemption Notice 2002. This means that companies who are listed, or who have applied for listing, on a stock exchange in Spain can offer shares in New Zealand, without meeting the prospectus and investment statement requirements of the Securities Act 1978 and the Securities Regulations 1983.

Interpretation
Clause 4(1) of the Securities Act (Overseas Companies) Exemption Notice 2002 is amended by inserting in the definition of specified exchange, after the word "America,", the word "Spain,".

Reasons
The principal notice is intended to allow New Zealand shareholders in overseas companies to participate in rights offers and offers of securities arising from reconstructions. The principal notice is available to issuers listed in specified jurisdictions.

Spain is a member of the International Organization of Securities Commissions (IOSCO). The Spanish securities regulator is also a signatory to the IOSCO Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information. Spanish securities law requires disclosure of information for investors to an extent broadly comparable with New Zealand law.

The Spanish stock exchanges are members of the World Federation of Exchanges and subject to the principles of the World Federation of Exchanges.

Taking these factors into account the Securities Commission is satisfied that it is appropriate to include Spanish exchanges in the list of specified exchanges in the principal notice.