Pursuant to section 38 of the Securities Markets Act 1988, the Securities Commission ("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 (Rabobank Nederland) 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 expires on the close of 31 July 2015.
Clause 2: Interpretation
2(1) In this notice, unless the context otherwise requires:
"Act" means the Securities Markets Act 1988.
"Rabobank" means Co"peratieve Centrale Raffeisen-Boerleenbank B.A.
"specified futures contracts" means a futures contract to which Rabobank is or intends to be a party.
"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) Rabobank is authorised to carry on the business of dealing in specified futures contracts.
3(2) The authorisation in clause 3(1) is subject to the conditions that:
(a) Rabobank deals only on behalf of its wholesale clients; and
(b) before dealing in any futures contract in respect
of which the authorisation applies, Rabobank 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) the terms of any specified futures contract:
(i) create obligations that cannot be transferred or terminated by either party to the futures contract without the consent of the other party; and
(ii) require that any transfer of obligations under the futures contract can be made only to a person who meets the criteria described in paragraphs (a) and (b) above; and
(d) Rabobank provides the Commission with a copy
of Rabobank’s annual financial statements no later than the date on which Rabobank is required to
file its financial statements under the Financial Reporting Act 1993; and
(e) Rabobank notifies the Commission of any material matter concerning Rabobank’s authorisation as a futures dealer.
Dated at Wellington this 3rd day of August 2010.
The Common Seal of the Securities Commission was affixed in the presence of:
[L.S.]
JANE DIPLOCK, Chairperson.