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• Securities Law

• Local Authorities Exemption

• Local Authorities Exemption
• Exemption RIS
• 21 June 2007

The premise underlying the Securities Act is that the best protection of investors lies in full, timely and accurate disclosure of information material to investors' investment decisions.

It is proposed to provide Local Authorities with an exemption from the full disclosure requirements of the Securities Act due to the significant level of disclosure that local authorities currently operate under with regard to their finances, plans and prospects.

When issuing debt securities to the public, local authorities would be required to produce only an investment statement with an accompanying certificate signed by two Councillors, rather than a prospectus with full Council sign-off.

• Local Authorities Exemption From the Securities Act 1978 Disclosure Regime - Cabinet Paper
  This paper seeks Cabinet approval for the reinstatement of the Local Authorities exemption in section 5(3)(b) of the Securities Act. The exemption provides local authorities with a reduced disclosure requirement when issuing debt securities to the public.
• Local Authorities Exemption from the Securities Act 1978 Disclosure Regime - Regulatory Impact Statment
  The Regulatory Impact Statement to the cabinet paper Local Authorities Exemption from the Securities Act 1978 Disclosure Regime
• Govt Eases the Way for Local Authorities to Raise Funds - Minister of Commerce Media Statement
  Commerce Minister Lianne Dalziel today announced the Labour-led government's intention to restore an exemption for local authorities to the current Securities Act disclosure regime.