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 (Barclays Bank PLC) Notice 2011.
(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 July 2016.
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.
Barclays means Barclays Bank PLC.
Corporations Act means the Corporations Act 2001 of the Commonwealth of Australia.
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.
specified futures contract means a futures contract which is made on or effected through a recognised 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) 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 for Barclays-(1) Barclays is authorised to carry on the business of dealing in specified futures contracts.
(2) The authorisation in clause 3(1) is subject to the conditions that:
(a) Barclays does not carry on the business of dealing
in specified futures contracts on behalf of any
client other than one who has entered into a written contract for services with Barclays, and then only in accordance with the terms of that contract; and
(b) Barclays deals only on behalf of its wholesale clients; and
(c) before dealing in any futures contract in respect of which the authorisation applies, Barclays 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
(d) in respect of any futures contract that is made on
or effected through a recognised exchange, 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) Barclays is licensed as an Australian Financial Services Licensee under the Corporations Act and holds an AFS Licence which authorises Barclays
to provide futures trading and advisory services to wholesale clients; and
(f) Barclays notifies the Financial Markets Authority as soon as practicable if its AFS Licence is varied or revoked; and
(g) Barclays notifies the Financial Markets Authority as soon as practicable if any regulatory action is taken
by ASIC, or any other regulatory agency, in relation to Barclays’ dealings in futures contracts; and
(h) Barclays provides the Financial Markets Authority with a copy of its annual financial statements no later than three months after the end of each financial year for Barclays; and
(i) Barclays notifies Financial Markets Authority as soon as practicable of any material matter concerning its authorisation as a futures dealer.
Dated at Wellington this 20th day of July 2011.
SEAN HUGHES, Chief Executive, Financial Markets Authority.