Securities and capital markets

Update on the Securities Disclosure and Financial Advisers Amendment Bill
On 30 April 2009, the Commerce Select Committee reported back on the Securities Disclosure and Financial Advisers Amendment Bill, introduced into Parliament on 18 February 2009, with only minor amendments. This article outlines the select committee's recommendations and discusses some of the shortcomings with their proposed amendments.

Fast track for capital raising: simplified disclosure prospectus
The Ministry of Economic Development (MED) has released the draft regulations outlining the requirements for the contents of the simplified disclosure prospectus (SDP). In this update partner Andrew Brown and senior associate Stephen Layburn outline the SDP regime contemplated by the draft regulations and note some areas that may need further consideration by MED to assess whether the draft regulations achieve the new regime's objective of reducing the costs of raising capital.

Proposed securities regulation changes released
Changes to make it easier for businesses to raise capital are a step closer with the release of a discussion document on proposed changes to securities regulations in April 2009. The discussion document, which highlights proposals to improve flexibility for issuers, is a response to the recommendations of the government-appointed Capital Market Development Taskforce. In this article, partner Andrew Brown and senior associate Stephen Layburn comment on the proposed changes.

New listing rules in place
Recent amendments to the NZX Listing Rules should make it easier for NZX listed issuers to raise capital. In this article, partners Gavin Macdonald and Andrew Brown discuss the changes to the Listing Rules of the NZSX/NZDX and NZAX Markets which came into effect on 3 April 2009.

New rules on short form prospectuses
The Securities Commission has replaced (with amendments) the Securities Act (Short Form Prospectus) Exemption Notice 2002 with a substitute exemption notice, the Securities Act (Short Form Prospectus) Exemption Notice 2009 (2009 Exemption). In this update, partner Brynn Gilbertson outlines the differences between the old and new rules.

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.