Pursuant to section 38 of the Securities Markets Act 1988, the Financial Markets Authority gives the following notice.
N o t i c e
1. Title, commencement, and expiry-(1) This notice is the Authorised Futures Dealers (ICAP Brokers Pty Limited) Notice 2013.
(2) This notice comes into force on the day after the date of its notification in the New Zealand Gazette.
(3) This notice expires on the close of 30 September 2017.
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.
Company means ICAP Brokers Pty Limited.
Corporations Act means the Corporations Act 2001 of the Commonwealth of Australia.
FMA means the Financial Markets Authority established by Part 2 of the Financial Markets Authority Act 2011.
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 other than:
(a) a futures contract that is made on or effected through a recognised exchange; or
(b) a futures contract to which the Company is, or intends to be, a party.
wholesale client means a 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-(1) The Company is authorised to carry on the business of dealing in specified futures contracts.
(2) The authorisation is subject to the conditions that:
(a) the Company does not hold client money or client property in connection with dealing in futures contracts; and
(b) the Company does not carry on the business of dealing in futures contracts other than in accordance with the written terms and conditions applicable to that service; and
(c) the Company deals only on behalf of its wholesale clients; and
(d) 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
(e) the Company is licensed as an Australian Financial Services Licensee under the Corporations Act and holds an AFS licence that authorises it to provide advisory and intermediary services in respect of futures contracts to wholesale clients;
(f) the Company notifies FMA if its AFS Licence is varied or revoked, and notifies FMA of any regulatory action taken by ASIC in relation to
its AFS Licence;
(g) the Company provides FMA with a copy of the Company's audited financial statements no later than three months after the end of each financial year for the Company; and
(h) the Company notifies FMA of any material matter concerning the Company's authorisation as a futures dealer, including any regulatory action taken concerning the Company, whether in New Zealand or overseas.
Dated at Wellington this 7th day of July 2013.
ELAINE CAMPBELL, Head of Compliance Monitoring, Financial Markets Authority.