Pursuant to section 38 of the Securities Markets Act 1988, the Securities Commission gives the following notice.
N o t i c e
Clause 1: Title, commencement and expiry
1(1) This notice is the Authorised Futures Dealers (Macquarie Bank Limited) Notice 2009.
1(2) This notice comes into force on the day after the date of its publication in the New Zealand Gazette.
1(3) This notice expires on the close of 31 July 2014.
Clause 2: Interpretation
2(1) In this notice, unless the context otherwise requires:
“Act” means the Securities Markets Act 1988.
“AFS Licence” means an Australian Financial Services License 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.
“Company” means Macquarie Bank Limited.
“recognised exchange” means an authorised futures exchange or any exchange in a country other than New Zealand which is authorised by the laws of that country to operate as a futures exchange.
“wholesale client” means any client that is:
(a) a person who controls at least $10 million; or
(b) 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
(c) a person who is authorised to carry on the business of dealing in futures contracts under the Act; or
(d) a person authorised in another jurisdiction by the competent authority of that jurisdiction to deal in futures contracts; or
(e) 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
(f) a person who is a statutory corporation or a registered bank; or
(g) 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
(h) a person who is a related body corporate of any of the persons mentioned in subparagraphs (a) to (g) above.
2(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.
Clause 3: Authorisation
3(1) The Company is authorised to carry on the business of dealing in futures contracts generally.
3(2) The authorisation in clause 3(1) is subject to the conditions that:
(a) the Company deals only on behalf of its wholesale clients; and
(b) before dealing in any futures contract in respect of which the authorisation applies, the Company 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) in respect of any futures contract that is
not made on or effected through a recognised exchange, that the terms of such a futures contract require that any transfer of obligations under the futures contract can be made only to a person who meets the criteria described in clauses 3(2)(a) and (b) above; and
(d) in respect of any futures contract that is made on or effected through a recognised exchange, that any acquisition or disposal of the contract is effected through a person who is an authorised participant or member of the recognised exchange and who is authorised or licensed by the laws of the country in which it operates to deal in futures contracts on behalf of that person and to hold client money for that purpose; and
(e) the Company is a full participant of the SFE; and
(f) the Company is licensed as an Australian Financial Services Licensee under the Corporations Act and holds an AFS Licence which authorises it to provide derivatives dealing and advisory services to wholesale clients; and
(g) that the Company notifies the Commission if its AFS Licence is varied or revoked and notifies the Commission of any regulatory action taken by ASIC in relation to its AFS Licence; and
(h) the Company provides the Commission with
a copy of its audited annual financial statements no later than three months after the end of each financial year for the Company; and
(i) the Company notifies the Commission of any material matter concerning its authorisation as a futures dealer.
Dated at Wellington this 7th day of July 2009.
The Common Seal of the Securities Commission was affixed in the presence of:
[L.S.]
NEVILLE TODD, Member.