This book is only available in PDF format 
Published: 4 October, 2004
Pages: 80

Introduction

The 1997 Law Society seminar entitled Securities Act Update – Investment product and adviser disclosure described significant changes to securities law and investment adviser disclosure that came into force in late 1997. This was followed in 2002 by a Securities Markets Update seminar, which covered changes to the regulation of markets, including the registration of stock exchanges and the continuous disclosure regime.

This paper, like the 1997 seminar, focuses on the Securities Act 1978 and the Investment Adviser Disclosure Act 1996, which respectively set out the rules for offering securities to the public and the disclosure required by investment advisers and investment brokers in New Zealand.

Securities law is relatively complex, and its application is wider than is often appreciated. This paper aims to provide an update on the relevant law that can give practitioners a resource to help them identify situations that may require compliance with securities law and an overview of the steps needed to successfully comply with the law.

The paper also canvasses the exemptions available that can lessen the compliance required for certain types of fund-raising, including some recent additions to the exemptions in the Securities Act. The paper does not exhaustively list the exemptions available, but seeks to include those that are commonly relied upon, and are most likely to be relevant for practitioners.

Authors

Author(s): Liam Mason, Cathy Quinn