Dated at Wellington this 13th day of June 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, which comes
into force on the day after the date of its notification in the Gazette, amends the Securities Act (Group Investment Funds) Exemption Notice 2001.
That notice exempted trustees, subject to conditions,
from certain provisions of the Securities Act 1978 in respect of group
investment funds established under the Trustee Companies 1967, the Public Trust Act 2001, or the Public Trust Office Act 1957.
This notice has the following 3 principal
it exempts trustees, subject to a condition, from regulation 3(3) of the Securities Regulations
1983 (the Regulations). The effect is that a registered prospectus relating to an offer
of securities in a Fund must contain the matters specified in Schedule 3A of the Regulations (which relates to unit trusts) rather than the matters specified
in Schedule 3 of the Regulations (which relates to participatory securities). In addition, the registered
prospectus must contain the matters in clause 3 of Schedule 3 of the Regulations relating to the statutory supervisor:
it exempts trustees, subject to a condition, from clauses 3(2) and 4(1)(a) of Schedule 7 of the Regulations. Clause 3(2) requires the manager of a scheme to establish a bank
account in the name of a scheme into which money received on behalf
of the scheme must be paid. The effect of this exemption is that a
trustee will not be required to establish separate bank accounts for
each of its group investment funds. The exemption is subject to the
condition that all money received for investment in group investment
funds is paid into the trustee’s trust account. Clause 4(1)(a)
requires a meeting of security holders to be held to consider the
financial statements of the scheme within 6 months after the end of
the financial year:
it revokes the separate provisions that apply to The New Zealand
Guardian Trust Company Limited.
Date of notification in Gazette: 14 June 2002.
This notice is administered by the Securities