Dated at Wellington this 21st day of December 2004.
The Common Seal of the Securities Commission was affixed in the presence of:
C A N Beyer,
Statement of reasons
Note: the following statement of reasons should be read in conjunction with the statement(s) of reasons appended to:
This notice (which comes into force on the day after the date of its notification in the Gazette and expires on 28 February 2010) exempts certain superannuation schemes, subject to conditions, from section 37(1) of the Securities Act 1978 (the Act) in respect of offers of new membership. The schemes are listed in column A of the Schedule, with the persons to whom the superannuation benefits are offered under each scheme listed opposite in column B. Broadly, the purpose of the exemption is to extend to these schemes the benefit of the exemption contained in the Securities Act (Employer Superannuation Schemes) Exemption Notice 2004 (the 2004 notice). They do not fall within that notice because the individuals to whom membership of the respective schemes will be offered are not strictly employees.
The Securities Commission (the Commission) considers that it is appropriate to grant the exemption because—
the Commission has considered an application from the Anglican Church in Aotearoa New Zealand and Polynesia, the Methodist Church of New Zealand, and the Presbyterian Church of Aotearoa New Zealand seeking an exemption from the requirement for a registered prospectus when offering membership in particular superannuation schemes (the schemes) to individuals who include some or all of the following: ministers in their church, candidates accepted for the ministry in their church, and persons accepted for training as ministers. At law these individuals are not employees of the churches, and accordingly the schemes are not employer superannuation schemes within the meaning either of the Act or the 2004 notice:
the exemptions in sections 5A to 5C of the Act and in the 2004 notice apply to schemes offered within an employer/employee relationship. The Commission considers that the position of an individual who qualifies for membership of a scheme to which this notice applies is sufficiently similar to that of an employee for an exemption to be consistent with the policy of sections 5A to 5C of the Act.
The Commission may add further registered superannuation schemes to the Schedule and will assess schemes for possible inclusion on a case by case basis. The Commission intends that a scheme may be eligible if—
it is promoted by 1 person only or by 1 person and 1 or more associated persons; and
it is offered to persons who, in the Commission’s assessment, are in a situation similar to that of the classes of persons identified in column B of the Schedule.
However, it is not the Commission’s intention that this notice be made available to schemes offered to contractors generally.
Note: the preceding statement of reasons should be read in conjunction with the statement(s) of reasons appended to: