Dated at Wellington this 20th day of February 2002.
The Common Seal of the Securities Commission
was affixed in the presence of:
This note is
not part of the notice, but is intended to indicate its general effect.
This notice comes into
force on 1 March 2002, which is the date on which Public Trust
is established as a Crown entity.
This notice amends the Securities Act (Group Investment Funds) Exemption Notice 2001 (
“the principal notice”). The principal notice exempts trustee
companies from certain provisions of the Securities Act 1978 for their group
investment funds. The effect of the amendments is to give Public Trust
the same exemptions for its group investment funds.
Previously, the Public Trustee was part of
the Crown and so was exempt from these (and other) provisions of the Securities Act 1978 under section 5(3)(a) of that Act. The Public Trust Act 2001 establishes Public
Trust as a separate Crown entity to take over the role and undertakings
of the Public Trustee. Public Trust is not part of the Crown under
the Securities Act 1978 (except for money
in its common fund that is entitled to the protection against deficiency
afforded by section 52 of the Public Trust Act 2001). As a result, the previous exemption no longer applies.
Date of notification in Gazette: 21 February 2002.
This notice is administered in the Securities