Securities and capital markets

Responding to the financial crisis: the Securities Disclosure and Financial Advisers Bill
In this article, senior associate Stephen Layburn discusses the key provisions outlined in the new Securities Disclosure and Financial Advisers Amendment Bill which was introduced into Parliament on 18 February 2009.

Responding to the financial crisis: Securities Commission seeks views on changes to exemptions for listed share purchase plans and rights offers
The Securities Commission has sought comments on three options for exemptions to assist listed issuers to raise capital through limited offers to existing security holders, in light of recommendations made by the Capital Markets Development Taskforce and NZX.

Responding to the financial crisis: Proposed changes to NZX's listing rules
In December 2008, NZX released an exposure draft of its proposed changes to the Listing Rules of the NZSX/NZDX and NZAX Markets.

Responding to the financial crisis: CMD Taskforce's interim report
This article updates an earlier article by senior associate Stephen Layburn (posted on our website in December 2008) which reviewed the Capital Market Development Taskforce's interim report. The government has acted quickly to give effect to some of the Taskforce's key proposals.

Moratorium proposals: what do investors need to know?
In this article, partner Glenn Joblin discusses the level of disclosure which will be required for future issuers proposing a moratorium based on the experiences gained from the first round of moratorium proposals and a recent guidance note released by the Securities Commission.

Private placements to habitual investors: a recent case
The "habitual investor" exception provided by the Securities Act for private placements has been considered in a recent court decision involving offers of interests in a Queensland property development by companies controlled by property developer Dan McEwan. In this article, senior associate Stephen Layburn discusses some implications of this decision and notes some recent developments which may result in future improvements for New Zealand's private placement regime.

NZX listed issuers should take note of a recent ASX reminder on continuous disclosure obligations surrounding periodic financial reporting
In its January 2009 Companies Update, ASX has provided further guidance to ASX listed issuers on their disclosure obligations in the period leading up to the deadline for lodging periodic reports for half-year or annual reporting periods where there is expected to be a material difference in the issuer's financial results.

Updated guide on the trans-Tasman mutual recognition scheme for offers of securities
The Securities Commission and the Australian Securities and Investments Commission (ASIC) have released a new version of their joint guide on the trans-Tasman mutual recognition scheme for offers of securities introduced in June 2008.

Director loses appeal over false offer document
The director of a Dunedin-based company failed to get his convictions and sentences dismissed in relation to an advertisement on the internet offering securities to the public containing untrue statements.

Enquiries and information

For more information on any of the cases, articles and features in Commercial Quarterly, please email Diane Graham or call her on 64 9 916 8849.