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 2006.
(2) This notice comes into force on the day after the date of its publication in the New Zealand Gazette.
2. Interpretation—(1) In this notice, unless the context otherwise requires:
“Act” means the Securities Markets Act 1988.
“AFS Licence” means an Australian Financial Services Licence granted under the Corporations Act.
“ASIC” means the Australian Securities and Investments Commission.
“Corporations Act” means the Corporations Act 2001 of the Commonwealth of Australia.
“JPMMAPL” means J.P. Morgan Markets Australia Pty Limited.
“SFE” means Sydney Futures Exchange Limited.
(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) JPMMAPL is authorised to carry on the business of dealing in futures contracts generally.
(2) The authorisation is subject to the conditions that JPMMAPL:
(a) deals only on behalf of its wholesale clients, being any client that is:
(i) a person who controls at least $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, net assets of at least $10 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 a registered bank; or
(vii) a person whose principal business is the investment of money or who, in the course
of and for the purposes of their business, habitually invests money; or
(viii) a person who is a related body corporate of any of the persons mentioned in subparagraphs (i) to (vii) above; and
(b) before acquiring or disposing of any futures
contract in respect of which the authorisation applies, JPMMAPL 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
(c) is a full participant of SFE; and
(d) is licensed as an Australian Financial Services Licensee under the Corporations Act and holds
an AFS Licence which authorises JPMMAPL to provide futures dealing and advisory services
to wholesale clients; and
(e) notifies the Commission if JPMMAPL’s AFS Licence is varied or revoked and notifies the Commission of any regulatory action taken by
ASIC in relation to JPMMAPL’s AFS Licence; and
(f) provides the Commission with a copy of JPMMAPL’s annual financial statements no
later than three months after the end of each financial year for JPMMAPL; and
(g) notifies the Commission of any material matter concerning JPMMAPL’s authorisation as a futures dealer.
(3) This authorisation continues in force until it is revoked by the Commission.
4. Revocation—The Authorised Futures Dealers Notice 2004, published in the New Zealand Gazette, 29 April 2004, No. 46, page 1158, is revoked.
Dated at Wellington this 21st day of February 2006.
The Common Seal of the Securities Commission was affixed in the presence of:
[L.S.]
J. DIPLOCK, Chairperson.