Notice Type
Authorities/Other Agencies of State
Notice Title

The Authorised Futures Dealers Notice 2005

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 2005.
(2) This notice comes into force on 1 June 2005.
(3) This notice expires on the close of 31 May 2010.
2. Interpretation—(1) In this notice, unless the context otherwise requires:
“Act” means the Securities Markets Act 1988
“Exchange” means New Zealand Exchange Limited
“Rabobank” means Co"peratieve Centrale Raiffeisen-Boerenleenbank B.A.
(2) Any term or expression that is defined in the Act and used, but not defined, in this notice has the same meaning as in the Act.
Authorisation in Respect of Non-Exchange Traded Futures Contracts
3. Authorisation—(1) Rabobank 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 that consists of advising or assisting a person in connection with the acquisition or disposition of a futures contract described in subclause (1).
(3) The authorisation is subject to the conditions that:
(a) every person that Rabobank advises or assists in connection with the acquisition or disposition of a futures contract to which this authorisation applies is a counterparty or potential counterparty to a futures contract in respect of which Rabobank is or intends to be a party; and
(b) Rabobank is satisfied on reasonable grounds that
any counterparty to a futures contract to which this authorisation applies and any person to whom Rabobank gives advice or assistance in connection with the acquisition or disposition of a futures contract to which this authorisation applies, is:
(i) a person who owns tangible assets with a market value of more than $10 million; or
(ii) a trustee or a funds manager, acting in that capacity, who has under that person’s control, as trustee or funds manager, assets with an aggregate market value of more than $50 million; or
(iii) a person who is a Futures and Options
Firm, a Futures and Options IB or a Futures and Options Advisor designated by the
New Zealand Exchange Limited as such
under the New Zealand Exchange Limited Futures and Options Rules and 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 1986 (each as amended from time to time); or
(vi) a person who is a statutory corporation;
or
(vii) a person who is a related body corporate of a person mentioned in subparagraphs (i) to (vi); and
(c) Before acquiring or disposing of any futures
contract in respect of which the authorisation applies, Rabobank 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; or
(iii) as trustee of a trust or manager of a managed fund; and
(d) The terms of every futures contract in respect of which the authorisation applies:
(i) create obligations that cannot be transferred
or terminated by either party to the futures contract without the consent of the other party; and
(ii) require that any transfer of obligations
under the futures contract can be made only
to a person who meets the criteria described in paragraphs (b) and (c).
Dated at Wellington this 24th day of May 2005.
The Common Seal of the Securities Commission was affixed in the presence of:
[L.S.]
J. DIPLOCK, Chairperson.