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 principal notice
1(1) This notice is the Authorised Futures Dealers
(Latitude FX Limited) Amendment Notice 2010.
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 amends the Authorised Futures Dealers (Latitude FX Limited) Notice 2009 ("the principal notice")*.
Clause 2: Renewal of and amendment to the principal notice
2(1) Clause 1(3) of the Authorised Futures Dealers
(Latitude FX Limited) Notice 2009 is amended by omitting "2010" and substituting "2012".
2(2) Clause 2(1) of the Authorised Futures Dealers
(Latitude FX Limited) Notice 2009 is amended by inserting in its appropriate alphabetical order the following definition:
"Approved counterparty" means a registered
bank, an overseas bank, a company which is an authorised deposit-taking institution under the Banking Act 1959 (Commonwealth of Australia) or a company which is a futures commission merchant registered under the Commodity Exchange Act (United States of America).
2(3) Clause 3(3)(g)(ii) of the Authorised Futures Dealers (Latitude FX Limited) Notice 2009 is amended by omitting the words "another entity" and substituting
the words "an approved counterparty".
2(4) The Authorised Futures Dealers (Latitude FX Limited) Notice 2009 is amended by omitting clause 6(5) and substituting the following new clause:
"6(5) The Company must:
(a) calculate, in respect of each business
day, by 10.00am on the following business day, its Surplus Liquid Funds in accordance with clause 5 to ensure that the Company complies with clause 5(2);
(b) report to both the Securities Commission and the Auditor on the business day following the day in respect of which
the calculation is made if the calculation performed in clause 6(5)(a) does not comply with clause 5(2) including an explanation of the cause of the breach and the remedial action planned;
(c) maintain a log of the calculations required under this condition and produce it to the Auditor or the Securities Commission upon request; and
(d) provide a copy of the log of these daily calculations to the Auditor as part of
the Company’s monthly report."
Dated at Wellington this 15th day of February 2010.
The Common Seal of the Securities Commission was affixed in the presence of:
[L.S.]
JANE DIPLOCK, Chairman.
*New Zealand Gazette, 19 February 2009, No. 20, page 480
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