Pursuant to section 38 of the Securities Markets Act 1988, the Securities Commission (“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) 2007.
(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 31 May 2012.
2. Interpretation—(1) In this notice, unless the context otherwise requires:
“Act” means the Securities Markets Act 1988.
“Trafalgar Copley” means Trafalgar Copley 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) Trafalgar Copley is authorised to carry on the business of dealing in futures contracts generally.
(2) The authorisation is subject to the conditions that:
(a) Trafalgar Copley does not carry on the business of dealing in futures contracts except as part of the business of Trafalgar Copley as an investment adviser or investment manager for a funds manager or a fund; and
(b) Trafalgar Copley does not hold client money or client property in connection with dealing in futures contracts; and
(c) Trafalgar Copley 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
(d) before dealing in any futures contract in respect of which the authorisation applies, Trafalgar Copley 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
(e) Trafalgar Copley notifies the Commission of any material matter concerning Trafalgar Copley’s authorisation as a futures dealer, including any regulatory action taken concerning Trafalgar Copley, whether in New Zealand or overseas; and
(f) Trafalgar Copley provides the Commission with
a copy of Trafalgar Copley’s audited financial statements no later than three months after the end of each financial year for Trafalgar Copley.
Dated at Wellington this 1st day of May 2007.
The Common Seal of the Securities Commission was affixed in the presence of:
[L.S.]
J. DIPLOCK, Chairperson.