45U Exemption from 10% limit for trustee corporations and nominee companies, etc

(1)

A person (A) may exceed the 10% limit without contravening section 45S if—

(a)

A complies with both of the following subparagraphs:

(i)

A exceeds the 10% limit merely because A holds securities on behalf of another person in the ordinary course of business as a trustee corporation or nominee company; and

(ii)

section 285(1)(b) of the Financial Markets Conduct Act 2013 currently applies to A (and so exempts A as a trustee corporation or a nominee company under that Act); or

(b)

A exceeds the 10% limit merely because A is attributed with (under section 237 of the Financial Markets Conduct Act 2013) the relevant interests of another person who is exempt from the 10% limit under paragraph (a) or this paragraph.

(2)

A person to whom subsection (1)(a) applies must—

(a)

keep under continuing review the transactions of all persons for whom A holds securities of the mixed ownership model company in A’s name; and

(b)

inform the mixed ownership model company if any of those persons exceeds the 10% limit.

(3)

The exemption under this section does not apply to a person who is currently designated under section 45V as no longer exempt.

Compare: 1988 No 234 ss 31–32A

Section 45U: inserted, on 30 June 2012, by section 9 of the Public Finance (Mixed Ownership Model) Amendment Act 2012 (2012 No 45).

Section 45U(1)(a)(ii): amended, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 45U(1)(b): amended, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).