Statement of reasons

This notice, which comes into force on the day after the date of its notification in the Gazette, amends the Securities Act (Australian Registered Managed Investment Schemes) Exemption Notice 2003 (the 2003 notice). The purpose of the amendment is to allow an issuer to distribute an amended New Zealand investor statement without an accompanying product disclosure statement in cases when there is a change required to the New Zealand investor state-ment but no change required to the product disclosure statement.

The Securities Commission considers that it is appropriate to make the amendment because—

• •the conditions of the 2003 notice require Australian registered managed investment scheme issuers to provide New Zealand investors with copies of their Australian offer documents and accompanying information relevant only to New Zealand investors:

• •extra costs are incurred when an issuer is required to change the New Zealand information but not the Australian offer document, and the Australian document must be redistributed along with the revised New Zealand information. The amendment to the 2003 notice allows issuers to save those costs:

• •the amendment will not apply when a change of circumstance has required a material change to the Australian offer document as well as the New Zealand investor statement. In that case both documents must be given to investors. This means that issuers are still required to ensure that New Zealand investors in these funds have all the relevant information required under the 2003 notice.