This submission is presented jointly by the NZVCA and Angel Association.

We are each concerned about the application of certain key exemptions and exceptions provided for in the Securities Act in the context of early stage (including Angel), private equity and venture capital investment in New Zealand. In essence, we are concerned that the current regulatory regime is unduly complex and uncompromising, and therefore hinders access to capital and the bringing of good ideas to market.

The purpose of our submission is to highlight issues and propose some relatively accessible solutions. Some of our solutions echo recommendations of the Capital Developments Taskforce and some echo features of legal frameworks in other jurisdictions.

Recomendations on Securities Law May2010

 Submission on Review of Securities Law August2010