Dated at Wellington this 8th day of June 2004.
The Common Seal of the Securities Commission was affixed in the presence of:
Statement of reasons
This notice, which comes into force on the day after the date of its notification in the Gazette, amends the Securities Act (Group Investments Index Funds) Exemption Notice 2002 (SR 2002/316). The effect of the amendment is that New Zealand Exchange Limited (NZX) is exempted, subject to a condition, from regulation 23 of the Securities Regulations 1983 in relation to any group investment fund of which NZX (or its subsidiary) is the issuer. Previously, the exemption was confined to the NZSE 10 Index Fund.
The Securities Commission considers that the amendment is appropriate because NZX, as an issuer, cannot make the statement required by regulation 23, as it is responsible at law for statements in the registered prospectus. The amendment is therefore necessary if NZX is to offer interests in additional group investment funds.