Securities Act (Group Investment Funds) Exemption Notice 2001

  • expired
  • Securities Act (Group Investment Funds) Exemption Notice 2001: expired, on 1 December 2011, by clause 3.

Reprint
as at 1 December 2011

Coat of Arms of New Zealand

Securities Act (Group Investment Funds) Exemption Notice 2001

(SR 2001/393)

  • Securities Act (Group Investment Funds) Exemption Notice 2001: expired, on 1 December 2011, by clause 3.


Note

Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.

A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.

This notice is administered by the Securities Commission.


Pursuant to the Securities Act 1978, the Securities Commission gives the following notice.

Notice

1 Title
  • This notice is the Securities Act (Group Investment Funds) Exemption Notice 2001.

2 Commencement
  • This notice comes into force on the day after the date of its notification in the Gazette.

3 Expiry
  • This notice expires on the close of 30 November 2011.

    Clause 3: amended, on 31 December 2006, by clause 4 of the Securities Act (Group Investment Funds) Exemption Amendment Notice 2006 (SR 2006/387).

4 Interpretation
  • (1) In this notice, unless the context otherwise requires,—

    Act means the Securities Act 1978

    Fund means a Group Investment Fund established under—

    • (a) section 29 of the Trustee Companies Act 1967; or

    • (c) section 42A of the Public Trust Office Act 1957

    qualifying participatory security means a security that is an interest in a Fund

    Regulations means the Securities Regulations 1983

    trustee means—

    • (b) Public Trust.

    (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 4(1) Fund: substituted, on 1 March 2002, by clause 3(1) of the Securities Act (Group Investment Funds) Exemption Notice 2001 Amendment Notice 2002 (SR 2002/32).

    Clause 4(1) Regulations: inserted, on 15 June 2002, by clause 3 of the Securities Act (Group Investment Funds) Exemption Notice 2001 Amendment Notice (No 2) 2002 (SR 2002/170).

    Clause 4(1) trustee: inserted, on 1 March 2002, by clause 3(2) of the Securities Act (Group Investment Funds) Exemption Notice 2001 Amendment Notice 2002 (SR 2002/32).

    Clause 4(1) trustee company: revoked, on 1 March 2002, by clause 3(2) of the Securities Act (Group Investment Funds) Exemption Notice 2001 Amendment Notice 2002 (SR 2002/32).

5 Exemption from section 37(3)
  • (1) Every trustee, and every person acting on its behalf, are exempted from section 37(3) of the Act in respect of any qualifying participatory securities of which that trustee is the issuer.

    (2) [Revoked]

    Clause 5(1): amended, on 1 March 2002, by clause 4 of the Securities Act (Group Investment Funds) Exemption Notice 2001 Amendment Notice 2002 (SR 2002/32).

    Clause 5(2): revoked, on 15 June 2002, by clause 4 of the Securities Act (Group Investment Funds) Exemption Notice 2001 Amendment Notice (No 2) 2002 (SR 2002/170).

6 Exemption from section 52(1) and (3)
  • (1) Every trustee is exempted from section 52(1) and (3) of the Act in respect of the register of qualifying participatory securities kept by that trustee under section 51(1)(c) of the Act.

    (2) The exemption from section 52(1) of the Act is subject to the condition that the register is, except when duly closed (but subject to any reasonable restrictions that the trustee imposes, so that not less than 2 hours in each day is allowed for inspection), open to the inspection of a holder of the qualifying participatory securities, or a representative of the holder, in respect of the securities of that holder, without fee.

    (3) The exemption from section 52(3) of the Act is subject to the condition that, on payment by a holder of qualifying participatory securities of the fee prescribed for the purposes of section 52(4) of the Act, the trustee provides to that holder a copy of the part of the register that relates to the securities of that holder.

    Clause 6: amended, on 1 March 2002, by clause 5 of the Securities Act (Group Investment Funds) Exemption Notice 2001 Amendment Notice 2002 (SR 2002/32).

7 Exemption from section 54
  • (1) Every trustee is exempted from section 54 of the Act in respect of qualifying participatory securities allotted by that trustee.

    (2) The exemption is subject to the condition that the trustee sends, or causes to be sent, to the holder of the qualifying participatory securities, at any time on request and in any case at least once every 6 months, a written statement that properly evidences the nature and ownership of those securities.

    Clause 7(1): amended, on 1 March 2002, by clause 6 of the Securities Act (Group Investment Funds) Exemption Notice 2001 Amendment Notice 2002 (SR 2002/32).

    Clause 7(2): amended, on 1 March 2002, by clause 6 of the Securities Act (Group Investment Funds) Exemption Notice 2001 Amendment Notice 2002 (SR 2002/32).

7A Exemption from regulation 3(3) of Regulations
  • (1) Every trustee and every person acting on a trustee's behalf are exempted from regulation 3(3) of the Regulations in respect of qualifying participatory securities of which that trustee is the issuer.

    (2) The exemption is subject to the condition that the registered prospectus contains the information, statements, certificates, and other matters specified in—

    • (a) clause 3 of Schedule 3 of the Regulations; and

    • (b) Schedule 3A of the Regulations (except clauses 3 and 20) applied as if references in Schedule 3A (and in the definitions of terms used in that schedule) to—

      • (i) a unit were references to a qualifying participatory security; and

      • (ii) a unit trust were references to a Fund; and

      • (iii) a unit holder were references to a holder of a qualifying participatory security; and

      • (iv) a unit trustee were references to a statutory supervisor of a Fund; and

      • (v) a manager were references to a trustee; and

      • (vi) a trust deed were references to a deed of participation.

    Clause 7A: inserted, on 15 June 2002, by clause 5 of the Securities Act (Group Investment Funds) Exemption Notice 2001 Amendment Notice (No 2) 2002 (SR 2002/170).

7B Exemption from clauses 3(2) and 4(1)(a) of Schedule 7 of Regulations
  • (1) Every trustee and every person acting on a trustee's behalf are exempted from clauses 3(2) and 4(1)(a) of Schedule 7 of the Regulations in respect of the deed of participation required for the purposes of the Act and relating to qualifying participatory securities of which the trustee is the issuer.

    (2) The exemption from clause 3(2) of Schedule 7 of the Regulations is subject to the condition that all money received on behalf of a Fund to which the specified participatory securities relate is paid into the trustee's trust account as soon as possible.

    Clause 7B: inserted, on 15 June 2002, by clause 5 of the Securities Act (Group Investment Funds) Exemption Notice 2001 Amendment Notice (No 2) 2002 (SR 2002/170).

8 Securities Act (Group Investment Funds) Exemption Notice 1997 not applicable
  • Nothing in the Securities Act (Group Investment Funds) Exemption Notice 1997 (SR 1997/270) applies to qualifying participatory securities offered in reliance on any exemption granted by this notice.

    Clause 8: amended, on 1 March 2002, by clause 7 of the Securities Act (Group Investment Funds) Exemption Notice 2001 Amendment Notice 2002 (SR 2002/32).


Schedule
Trustee companies to which notice applies

cl 4

Perpetual Trust Limited

The New Zealand Guardian Trust Company Limited

New Zealand Permanent Trustees Limited

PGG Trust Limited

The Trustees, Executors, and Agency Company of New Zealand (Limited)

Dated at Wellington this 11th day of December 2001.

The Common Seal of the Securities Commission was affixed in the presence of:

[Seal]

J Diplock,
Chairperson.


Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 13 December 2001.


Contents

  • 1General

  • 2Status of reprints

  • 3How reprints are prepared

  • 4Changes made under section 17C of the Acts and Regulations Publication Act 1989

  • 5List of amendments incorporated in this reprint (most recent first)


Notes
1 General
  • This is a reprint of the Securities Act (Group Investment Funds) Exemption Notice 2001. The reprint incorporates all the amendments to the notice as at 1 December 2011, as specified in the list of amendments at the end of these notes.

    Relevant provisions of any amending enactments that contain transitional, savings, or application provisions that cannot be compiled in the reprint are also included, after the principal enactment, in chronological order. For more information, see http://www.pco.parliament.govt.nz/reprints/ .

2 Status of reprints
  • Under section 16D of the Acts and Regulations Publication Act 1989, reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by the amendments to that enactment. This presumption applies even though editorial changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in the reprint.

    This presumption may be rebutted by producing the official volumes of statutes or statutory regulations in which the principal enactment and its amendments are contained.

3 How reprints are prepared
  • A number of editorial conventions are followed in the preparation of reprints. For example, the enacting words are not included in Acts, and provisions that are repealed or revoked are omitted. For a detailed list of the editorial conventions, see http://www.pco.parliament.govt.nz/editorial-conventions/ or Part 8 of the Tables of New Zealand Acts and Ordinances and Statutory Regulations and Deemed Regulations in Force.

4 Changes made under section 17C of the Acts and Regulations Publication Act 1989
  • Section 17C of the Acts and Regulations Publication Act 1989 authorises the making of editorial changes in a reprint as set out in sections 17D and 17E of that Act so that, to the extent permitted, the format and style of the reprinted enactment is consistent with current legislative drafting practice. Changes that would alter the effect of the legislation are not permitted.

    A new format of legislation was introduced on 1 January 2000. Changes to legislative drafting style have also been made since 1997, and are ongoing. To the extent permitted by section 17C of the Acts and Regulations Publication Act 1989, all legislation reprinted after 1 January 2000 is in the new format for legislation and reflects current drafting practice at the time of the reprint.

    In outline, the editorial changes made in reprints under the authority of section 17C of the Acts and Regulations Publication Act 1989 are set out below, and they have been applied, where relevant, in the preparation of this reprint:

    • omission of unnecessary referential words (such as of this section and of this Act)

    • typeface and type size (Times Roman, generally in 11.5 point)

    • layout of provisions, including:

      • indentation

      • position of section headings (eg, the number and heading now appear above the section)

    • format of definitions (eg, the defined term now appears in bold type, without quotation marks)

    • format of dates (eg, a date formerly expressed as the 1st day of January 1999 is now expressed as 1 January 1999)

    • position of the date of assent (it now appears on the front page of each Act)

    • punctuation (eg, colons are not used after definitions)

    • Parts numbered with roman numerals are replaced with arabic numerals, and all cross-references are changed accordingly

    • case and appearance of letters and words, including:

      • format of headings (eg, headings where each word formerly appeared with an initial capital letter followed by small capital letters are amended so that the heading appears in bold, with only the first word (and any proper nouns) appearing with an initial capital letter)

      • small capital letters in section and subsection references are now capital letters

    • schedules are renumbered (eg, Schedule 1 replaces First Schedule), and all cross-references are changed accordingly

    • running heads (the information that appears at the top of each page)

    • format of two-column schedules of consequential amendments, and schedules of repeals (eg, they are rearranged into alphabetical order, rather than chronological).

5 List of amendments incorporated in this reprint (most recent first)