Regulatory Alerts2021-01-01
Securities (Disclosure Obligations of Reporting Issuers) (Amendment) Rules 2021
The Financial Services Commission issued the Securities (Disclosure Obligations of Reporting Issuers) (Amendment) Rules 2021 to modify the 2007 Principal Rules governing securities disclosures. The amendment introduces a new rule exempting specific securities offers from the Principal Rules and updates multiple existing rules to explicitly permit or require disclosure via website publication. Repealing rule 16A and taking effect on 4 September 2021, these changes streamline reporting issuer obligations by modernizing disclosure methods and clarifying applicability.
Government Notices 2021 2215 Government Notice No. 225 of 2021 THE SECURITIES ACT Rules made by the Financial Services Commission under Section 155 of the Securities Act
- These Rules may be cited as the Securities (Disclosure Obligations of Reporting Issuers) (Amendment) Rules 2021.
- In these Rules – “Principal Rules” means the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007.
- The Principal Rules are amended – (a) by inserting after rule 2, the following new rule – (2A) Applicability of these Rules Unless otherwise provided in these Rules, these Rules shall not apply to, nor be applicable to an issuer as a result of, an offer of securities made under Section 70 (1)(d), Section 70(1)(e), and Section 70(1)(k) of the Act. (b) in rule 5, in paragraph (1), by – (i) by deleting the words “ and, where applicable” after the words “wide circulation” and replacing them by the word “or”; (c) in rule 6, – (i) by inserting the words “publish on its website or” before the words “send to”; (d) in rule 8 –
2216 Government Notices 2021 (i) in sub paragraph (1)(a)(i), by inserting the words “or on its website” after the word “circulation”; (ii) in sub paragraph (1)(a)(ii), by inserting the words “or on its website” after the words “paragraph (1) (a) (i)”; (iii) in sub paragraph (1)(b), by inserting the words “or the link to” before the words “the quarterly report”; (iv) in sub paragraph (1)(c), by inserting the words “or the link to” before the words “the quarterly report”. (e) in rule 14, – (i) in paragraph (a), by inserting the words “or on its website” after the words “wide circulation”; (f) by repealing rule 16A. 4. These Rules shall come into operation on 04 September 2021. Made by the Financial Services Commission on 04 September 2021. By Authority: Government Printing Department, La Tour Koenig 137/09/2021 – 1078