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FORMAT FOR AN APPLICATION FOR AN EXEMPTION - SECURITIES ACT 1978, SECURITIES MARKETS ACT 1988
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Who is applying?
Give the full name, address and corporate status of the person(s) seeking the exemption:
What securities are being offered?
Describe the offer of securities for which the exemption is being sought. It would be helpful to give some background to the transactions proposed and then specific details e.g. the type of securities, details of the offer, parties to the offer, details of target subscribers, etc.
What do you want an exemption from?
Give the provisions of the Act and/or Regulations from which the exemption is sought and any conditions of exemption you consider appropriate:
Why are you seeking this exemption?
Explain, for each provision of the Act or Regulations from which the exemption is sought, why the exemption is wanted and give full reasons which may justify an exemption:
Are there any precedents?
Identify any existing exemption notices which are similar to the exemption sought and which may provide a precedent for your application. State how the notices are similar to and different from the exemption you are seeking:
What effects will there be on prospective investors?
Describe how your proposed exemption may affect prospective investors and any costs and benefits to them:
What effects will there be on the issuer?
Describe the effects on the issuer of the securities, and the relative costs and benefits, of (a) having and (b) not having the exemption:
Supporting documents
You need to supply the relevant documents to support your application. These could include the following documents or most recent drafts:
- the prospectus and investment statement
- the most recent financial statements
- a copy of the trust deed or deed of participation
- details of incorporation
- any other documents relating to the offer of securities relevant to the application
- a draft exemption notice
Time frame
If your application is urgent specify the dates when a decision is needed and when any exemption granted needs to be gazetted. Give reasons for seeking urgent consideration.
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