Pursuant to section 38 of the Securities Markets Act 1988, the Securities Commission gives the following notice.
N o t i c e
1. Title, commencement and expiry-(1) This notice is the Authorised Futures Dealers Notice (No. 2) 2003.
(2) This notice comes into force on the day after the date of its publication in the New Zealand Gazette.
(3) This notice expires on the close of 30 June 2008.
2. Interpretation-(1) In this notice, unless the context otherwise requires:
"Act" means the Securities Markets Act 1988.
"Exchange" means the New Zealand Futures and Options Exchange Limited.
"MSPIL" means Macquarie Structured Products (International) Limited (ABN 71 065 747 417).
"MBL" means Macquarie Bank Limited (ABN 008 583 542).
(2) Any term or expression that is defined in the Act and used, but not defined, in the notice has the same meaning as in the Act.
3. Authorisation-(1) MSPIL is authorised to carry on the business of dealing in futures contracts other than futures contracts made on or effected through the Exchange or a futures exchange in a country other than New Zealand which is authorised by the laws of that country to operate as a futures exchange.
(2) The authorisation applies only to dealing in futures contracts described in subclause (1) to which MBL is or intends to be a party.
(3) The authorisation in this notice is subject to the conditions that:
(a) MSPIL is satisfied, on reasonable grounds, that the counterparty to each futures contract to which this notice applies, and any person to whom MSPIL gives advice or assistance, or induces or attempts
to induce in relation to the acquisition or disposition of any futures contract to which this notice applies, is:
(i) a person who owns tangible assets with a market value of more than $10 million; or
(ii) a trustee of a trust or a funds manager, acting in that capacity, which has under that person's control, as trustee or funds manager, assets with an aggregate value exceeding $50 million; or
(iii) a person who is a licensed dealer of the Exchange who is authorised to carry on the business of dealing in futures contracts under the Act; or
(iv) a person authorised in another jurisdiction by the competent authority of that jurisdiction to deal in futures contracts; or
(v) Her Majesty the Queen in right of New Zealand, a Crown entity named in the Fourth Schedule
to the Public Finance Act 1989, or a State enterprise named in the First or Second Schedule to the State Owned Enterprises Act 1989 (each as amended from time to time); or
(vi) a person which is a statutory corporation; or
(vii) a person which is a related body corporate, in terms of section 2 (3) of the Companies Act 1993 (but without the requirement of being a company under that Act), of any of the persons mentioned in subparagraphs (i) to (vi) above; and
(b) before dealing with any futures contract to which this notice applies, MSPIL is satisfied on reasonable grounds that the counterparty is contracting:
(i) as principal on its own account; or
(ii) on behalf of a related body corporate, as mentioned in paragraph (a) (vii); or
(iii) as trustee of a trust or manager of a managed fund;
(c) the terms of every futures contract in respect of which the authorisation in this notice applies
creates obligations that cannot be transferred by
the counterparty to the futures contract without the consent of MBL; and
(d) before consenting to any transfer of obligations under a futures contract to which this notice applies, MBL is satisfied that the transferee is a person
who meets the criteria described in paragraphs (a) and (b).
Dated at Wellington this 24th day of June 2003.
The Common Seal of the Securities Commission was affixed in the presence of:
[L.S.]
F. R. S. CLOUSTON, Member.