This notice, which comes into force on the day after the date of its notification in the Gazette, amends the Securities Act (Real Property Developments) Exemption Notice 2007 (the principal notice) by extending the term of the notice by 6 months until the close of 30 September 2013.

The Financial Markets Authority, after satisfying itself as to the matters set out in section 70B(2) of the Securities Act 1978, considers it appropriate to amend the principal notice because—

• the current general policy of the principal notice remains appropriate, namely that the specified securities are offered as ancillary features to real estate transactions and are not investments in the conventional sense, so that substantial exemptions from the ordinary conduct and disclosure requirements of the Securities Act 1978 and the Securities Regulations 2009 are appropriate. The terms and conditions of the principal notice impose conduct and disclosure requirements so as not to cause any significant detriment to subscribers who are members of the public in New Zealand; and

• further amendments may be desirable to further enhance the effectiveness of the principal notice in facilitation of the efficient and transparent offer and allotment of securities to which it relates. The Financial Markets Authority considers that further time is desirable for consultation on, and finalisation of, proposals for reform. Extending the term of the principal notice until 30 September 2013 gives time for this to occur. The Financial Markets Authority considers that this extension is not longer than is reasonably necessary to enable further consultation and for the proposals to be finalised. Therefore the extent of the exemption is not broader than is reasonably necessary to address the matters that gave rise to the exemption.