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

Summary of

Securities Act (Overseas Employee Share Purchase Schemes) Exemption Amendment Notice 2004

2004/76

Gazetted on 25 March 2004

Effects of the Exemption
The Securities Act (Overseas Employee Share Purchase Schemes) Exemption Notice 2002 (the principal notice) applies only to overseas issuers that are already listed on a securities exchange in a specified overseas jurisdiction.

The effect of the amendment is that a wider range of issuers who offer securities under employee share purchase schemes will be able to rely on the notice.

The exemption
The notice amends clause 4(1) of the principal notice by revoking the definition of listed overseas issuer and substituting a definition for overseas issuer. The new definition broadens the definition to include issuers who have applied for listing on a securities exchange in a specified overseas jurisdiction and who have compiled with all the requirements of the exchange.

Conditions
An unlisted issuer may only rely on the exemption:

• if it has applied to a securities exchange in one of the specified overseas jurisdictions for listing; and
• if at the time of the offer, it has complied with all the requirements of the securities exchange relating to the application which it is required to comply with at that time.

Reasons
The amendments to the principal notice are appropriate because

• they make the principal notice consistent with other exemptions for overseas listed issuers and overseas companies; and
• an unlisted overseas issuer (that is not named in Schedule 1 of the principal notice) will only be able to rely on the exemptions
• if it has applied to a securities exchange in one of the specified overseas jurisdictions for quotation of its shares; and
• if, at the time of the offer, it has complied with all the requirements of that exchange.