Securities Act (Works Superannuation Scheme) Exemption Amendment Notice 2004

  • expired
  • Securities Act (Works Superannuation Scheme) Exemption Amendment Notice 2004: expired, on 1 November 2014, pursuant to clause 1(3) of the Securities Act (Works Superannuation Scheme) Exemption Notice 1999 (SR 1999/416).

Reprint
as at 1 November 2014

Securities Act (Works Superannuation Scheme) Exemption Amendment Notice 2004

(SR 2004/371)

  • Securities Act (Works Superannuation Scheme) Exemption Amendment Notice 2004: expired, on 1 November 2014, pursuant to clause 1(3) of the Securities Act (Works Superannuation Scheme) Exemption Notice 1999 (SR 1999/416).


Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this eprint. See the notes at the end of this eprint for further details.

This notice is administered by the Financial Markets Authority.


Pursuant to the Securities Act 1978, the Securities Commission gives the following notice (to which is appended a statement of reasons of the Securities Commission).

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

3 Expiry
  • Clause 1(3) of the principal notice is amended by omitting the expression 31 October 2004, and substituting the expression 31 October 2009.

4 Interpretation
  • Clause 2(1) of the principal notice is amended by omitting from paragraph (b) of the definition of eligible employee the word Who.

Dated at Wellington this 22nd day of October 2004.

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

J Diplock,

Chairperson.

[LS]


Statement of reasons

This notice extends the expiry date of the Securities Act (Works Superannuation Scheme) Exemption Notice 1999 ( the principal notice) from 31 October 2004 to 31 October 2009. This notice also corrects a minor error in the definition of eligible employee.

The Securities Commission considers it appropriate to grant an extension of the terms of the principal notice so that the exemption continues because—

  • the original offers of membership were made in accordance with the Superannuation Schemes Act 1989 and were not subject to the investment statement and prospectus requirements under the Securities Act 1978 at that stage; and

  • there is a relatively small number of employees in the Works Superannuation Scheme. Although the number of eligible employees that are likely to join the Works Superannuation Scheme is low, the exemption is still required for this limited number of potential eligible employees. Due to the small number of eligible employees the benefit that would be gained by an investment statement and prospectus would be out-weighed by the cost; and

  • the conditions of the exemption require that any eligible employees who wish to join the Works Superannuation Scheme receive information relevant to their investment decision.


Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 28 October 2004.


Eprint notes
1 General
  • This is an eprint of the Securities Act (Works Superannuation Scheme) Exemption Amendment Notice 2004 that incorporates all the amendments to that notice as at the date of the last amendment to it.

2 About this eprint
  • This eprint is not an official version of the legislation under section 18 of the Legislation Act 2012.

3 Amendments incorporated in this eprint
  • Securities Act (Works Superannuation Scheme) Exemption Notice 1999 (SR 1999/416): clause 1(3)


  • 1 SR 1999/416