Changes to the Securities Act effective 1 May

The Securities Amendment Act 2011 (previously contained in the Financial Markets (Regulators and KiwiSaver) Bill) was passed on 7 April, with most of its provisions coming into effect on 1 May 2011.

Key changes introduced by this Act include:

• a new registration regime for offer documents;
• a Register of Securities Offers;
• changes to the Securities Act exemption regime;
• new criminal liability for issuers if they deliver a prospectus for registration (or an amendment for registration) that does not comply with certain requirements; and
• an extension of the time limit from 2 to 3 years for applying for civil remedies.

For a detailed summary of the changes, click here.

Enquiries and information

For more information on any of the cases, articles and features in Financial Services Quarterly, please email Rachel Gowing or call on 64 9 916 8825.