New Zealand Legislation: Regulations
Regulations are laws made under Acts
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as at 28 September 2007
(SR 2002/316)
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.
This notice is the Securities Act (Group Investment Index Funds) Exemption Notice 2002.
This notice comes into force on 1 October 2002.
This notice expires on the close of 30 September 2012.
Clause 3: amended, on 28 September 2007, by clause 4 of the Securities Act (Group Investment Index Funds) Exemption Amendment Notice 2007 (SR 2007/301).
(1) In this notice, unless the context otherwise requires,—
Act means the Securities Act 1978
distribution means the direct or indirect transfer to a holder of specified participatory securities of money or property—
(a) that is received by the fund in respect of investments held by the fund; and
(b) that is held on trust for holders of specified participatory securities
fund means a Group Investment Fund established under section 29 of the Trustee Companies Act 1967, or under section 63 of the Public Trust Act 2001, that is—
(a) a passive index fund in that it is required under the terms of its trust deed or the terms of the offer of specified participatory securities to hold securities as near as practically possible to the securities' proportions in an index; and
(b) named in Schedule 2
NZX means New Zealand Exchange Limited
Regulations means the Securities Regulations 1983
specified participatory security means a participatory security—
(a) that is an interest in a fund; or
(b) that confers upon the holder of the participatory security the right to participate in any money or property that is the subject of a distribution
trust deed, in relation to a fund, means the trust deed entered into by a trustee and a manager relating to the establishment of the fund
(2) Any term or expression that is defined in the Act or the Regulations and used, but not defined, in this notice has the same meaning as in the Act or the Regulations.
Clause 4(1) fund: substituted, on 28 September 2007, by clause 5 of the Securities Act (Group Investment Index Funds) Exemption Amendment Notice 2007 (SR 2007/301).
Clause 4(1) NZX: inserted, on 11 June 2004, by clause 3 of the Securities Act (Group Investment Index Funds) Exemption Amendment Notice 2004 (SR 2004/172).
Every trustee and manager in relation to a fund and every person acting on behalf of the trustee or manager are exempted from the following provisions in respect of any specified participatory securities:
(a) sections 33(3) and 37(3) of the Act; and
(b) 37A(1A)(c)(i) of the Act; and
(c) regulation 3(3) of the Regulations; and
(d) regulation 5(2) of the Regulations.
(1) The trustee and manager and every person acting on behalf of either or both of them in respect of any fund for which NZX or any wholly-owned subsidiary of NZX is the manager are exempted from regulation 23 of the Regulations in respect of any specified participatory securities that are interests in that fund.
(2) The exemption in subclause (1) is subject to the condition that the registered prospectus or any advertisement relating to the specified participatory securities includes the following statement:
Units in the [name of fund] have been accepted for quotation by New Zealand Exchange Limited and will be quoted upon completion of allotment procedures.
Clause 5A: substituted, on 11 June 2004, by clause 4 of the Securities Act (Group Investment Index Funds) Exemption Amendment Notice 2004 (SR 2004/172).
The exemption granted by clause 5(a) is subject to the following conditions:
(a) that the trust deed contains provisions specifying the matters set out in Schedule 1; and
(b) that the registered prospectus contains—
(i) a description of the principal terms and conditions of the trust deed; and
(ii) a statement that the trust deed may be inspected without fee at a place (that is also stated) by any person who so requests; and
(iii) a statement that a copy of the trust deed will be sent to prospective and current investors, free of charge, on request; and
(c) that the registered prospectus contains a statement by the trustee—
(i) that the offer of the securities complies with the trust deed; and
(ii) as to whether or not the trustee guarantees the repayment of securities; and
(iii) as to whether or not the trustee is under any obligation to ascertain whether any breach of the terms of the trust deed or of the offer of the specified participatory securities has occurred; and
(d) it is a term of the offer that the accounting records of the fund are audited at least once a year by a qualified auditor; and
(e) that any interim statement of financial position, statement of financial performance, and statement of cash flows of the fund contained in or accompanying the registered prospectus in respect of the specified participatory securities are audited.
Clause 6(a): amended, on 28 September 2007, by clause 6 of the Securities Act (Group Investment Index Funds) Exemption Amendment Notice 2007 (SR 2007/301).
The exemption granted by clause 5(b) is subject to the condition that the certificate that relates to the registered prospectus states that, in the opinion of the directors of the issuer after enquiry by them, the financial position shown in the statement of financial position contained or referred to in the registered prospectus has not materially and adversely changed during the period from the date of the statement of financial position to the date of the certificate, other than as a result of fluctuation in the market price of the assets of the fund or the redemption of specified participatory securities.
(1) The exemption granted by clause 5(c) is subject to the condition that the registered prospectus contains all of the information, statements, certificates, and other matters specified in Schedule 3A of the Regulations that are applicable as though—
(a) a reference to a unit is a reference to an interest in a fund; and
(b) a reference to a unit trust is a reference to a fund; and
(c) a reference to a unit trust holder is a reference to a holder of an interest in a fund; and
(d) a reference to a unit trustee is a reference to the trustee.
(2) However, the registered prospectus does not have to contain the information specified in clause 6(3)(a)(ii) of Schedule 3A of the Regulations to the extent that the provision requires financial statements to distinguish between realised and unrealised net gains or losses on investments.
Clause 8(2): added, on 30 July 2004, by clause 3 of the Securities Act (Group Investment Index Funds) Exemption Amendment Notice (No 2) 2004 (SR 2004/224).
The exemption granted by clause 5(d) is subject to the following conditions:
(a) that the valuation included or referred to in the registered prospectus relates only to the historical values of a specified participatory security; and
(b) that the registered prospectus contains—
(i) a statement of the method by which the historical values of the specified participatory security were calculated; and
(ii) the date of the valuation; and
(iii) a description of the relationship of the historical values of the specified participatory security to the index to which the fund relates.
[Revoked]
Clause 10: revoked, on 28 September 2007, by clause 7 of the Securities Act (Group Investment Index Funds) Exemption Amendment Notice 2007 (SR 2007/301).
Schedule 1 |
The investment or classes of investment in which the assets of the fund may be invested.
(1) Whether any limits as to number or amount apply to all specified participatory securities or to any class of specified participatory securities that have been or may be issued in respect of the fund and, if so, the nature of those limits.
(2) The liability, if any, of the holders of the specified participatory securities to contribute to the fund before its winding up.
(3) If there is, or is to be, a minimum amount of specified participatory securities that must be allotted before the commencement of the fund, a statement of that minimum amount.
The terms relating to the redemption, transfer, and transmission of the specified participatory securities.
(1) The circumstances in which the fund must or may be wound up, and the procedure for winding up.
(2) The rights and liabilities of holders of specified participatory securities on, and in the course of, winding up the fund.
The frequency of, procedure for convening and holding, business to be conducted at, and voting rights at meetings of holders of specified participatory securities.
(1) The terms relating to the appointment, remuneration, and, if any, removal from office of the trustee.
(2) The powers of the trustee, including any borrowing powers and any powers to delegate the management of the fund.
(3) The duties and liabilities of the trustee, including the duty to hold the assets of the fund according to the terms of issue of the specified participatory securities.
(1) The terms relating to the appointment, remuneration, and, if any, removal from office of the manager.
(2) The powers of the manager, including any borrowing powers and any other powers in respect of the fund.
(3) The duties and liabilities of the manager.
The terms relating to the use or distribution of any profits of the fund.
Schedule 2 |
Schedule 2: added, on 28 September 2007, by clause 8 of the Securities Act (Group Investment Index Funds) Exemption Amendment Notice 2007 (SR 2007/301).
AMP Investments' Tracker Fund, Group Investment Fund number 98 established by New Zealand Guardian Trust Company Limited
AMP Investments' World Index Fund, Group Investment Fund number 97 established by New Zealand Guardian Trust Company Limited
NZGT 30 Fund, Group Investment Fund number 59 established by New Zealand Guardian Trust Company Limited
NZX 10 Fund, Group Investment Fund number 2291 established by New Zealand Guardian Trust Company Limited
NZX 50 Portfolio Index Fund, Group Investment Fund number 2293 established by New Zealand Guardian Trust Company Limited
NZX Australian 20 Leaders Index Fund, Group Investment Fund number 41 established by Trustees Executors Limited
NZX Australian MidCap Index Fund, Group Investment Fund number 2292 established by New Zealand Guardian Trust Company Limited
NZX MidCap Index Fund, Group Investment Fund number 80 established by Trustees Executors Limited
Dated at Wellington this 27th day of September 2002.
The Common Seal of the Securities Commission was affixed in the presence of:
[Seal]
L A J Kavanagh,
Member.
Date of notification in Gazette: 30 September 2002.
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)
This is a reprint of the Securities Act (Group Investment Index Funds) Exemption Notice 2002. The reprint incorporates all the amendments to the notice as at 28 September 2007, as specified in the list of amendments at the end of these notes.
Relevant provisions of any amending enactments that have yet to come into force or that contain relevant transitional or savings provisions are also included, after the principal enactment, in chronological order.
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.
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.
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).
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