Notice Type
Authorities/Other Agencies of State
Notice Title

The Authorised Futures Dealers Notice (No. 2) 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 (No. 2) 2005.
(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 2010.
2. Interpretation—(1) In this notice, unless the context otherwise requires:
“Act” means the Securities Markets Act 1988.
“OAM” means Overlay Asset Management.
(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.
3. Authorisation—(1) OAM is authorised to carry on the business of dealing in futures contracts generally.
(2) The authorisation is subject to the conditions that:
(a) OAM does not carry on the business of dealing in futures contracts except as part of the business of OAM as a funds manager and provider of currency overlay management services; and
(b) OAM deals only on behalf of its wholesale clients, being clients that are:
(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, 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 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 Crown Entities Act 2004, 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 any of the persons mentioned in subparagraphs (i) to (vi) above; and
(c) Before acquiring or disposing of any futures contract in respect of which the authorisation applies, OAM is satisfied on reasonable grounds that the wholesale client 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) OAM notifies the Commission of any material matter concerning OAM’s authorisation as a futures dealer, including any regulatory action taken concerning OAM, whether in New Zealand or overseas; and
(e) OAM provides the Commission with a copy
of OAM’s annual financial statements, including
a certified correct full English translation of these accounts, no later than three months after the end of each financial year for OAM.
Dated at Wellington this 28th day of June 2005.
The Common Seal of the Securities Commission was affixed in the presence of:
[L.S.]
COLIN BEYER, Member.