Securities Act (New Zealand Post Limited Stamp Collectors) Exemption Amendment Notice 2007

  • expired
  • Securities Act (New Zealand Post Limited Stamp Collectors) Exemption Amendment Notice 2007: expired, on 1 June 2012, pursuant to clause 3 of the Securities Act (New Zealand Post Limited Stamp Collectors) Exemption Notice 2002 (SR 2002/144).

Securities Act (New Zealand Post Limited Stamp Collectors) Exemption Amendment Notice 2007

(SR 2007/103)

  • Securities Act (New Zealand Post Limited Stamp Collectors) Exemption Amendment Notice 2007: expired, on 1 June 2012, pursuant to clause 3 of the Securities Act (New Zealand Post Limited Stamp Collectors) Exemption Notice 2002 (SR 2002/114).


Note

Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this eprint.

A general outline of these changes is set out in the notes at the end of this eprint, together with other explanatory material about this eprint.

This notice is administered by the Securities Commission.


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).

Notice

1 Title
  • This notice is the Securities Act (New Zealand Post Limited Stamp Collectors) Exemption Amendment Notice 2007.

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

4 Expiry
  • Clause 3 is amended by omitting 2007 and substituting 2012.

Dated at Wellington this 10th day of May 2007.

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

J Diplock,

Chairperson.

[Seal]


Statement of reasons

This notice, which comes into force on the day after the date of its notification in the Gazette, extends the expiry date of the Securities Act (New Zealand Post Limited Stamp Collectors) Exemption Notice 2002 (the principal notice) from 31 May 2007 to 31 May 2012. The principal notice exempts New Zealand Post Limited (New Zealand Post), subject to conditions, from sections 33(2), 37A(1)(c), and 52(1) and (3) of the Securities Act 1978 and clauses 7, 8, 13, 15 to 32, 35, and 36 of Schedule 2 of the Securities Regulations 1983 in respect of stamp collector customer accounts issued by New Zealand Post.

The Securities Commission considers it is appropriate to extend the term of the principal notice so that New Zealand Post can continue to rely on the exemptions in the principal notice. The Securities Commission considers that the exemptions are appropriate because—

  • a customer account is not intended to be an investment product but provides an alternative method of payment to facilitate the administration of the stamp collecting scheme:

  • the balance of each customer account is low and no return is expected:

  • a separate special purpose bank account will hold all funds related to the customer accounts and New Zealand Post is liable to repay the face value of these funds:

  • full compliance with the Securities Act 1978 and the Securities Regulations 1983 would be likely to impose costs that outweigh the benefits received from the customer account service.


Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 17 May 2007.


Contents

  • 1General

  • 2About this eprint

  • 3List of amendments incorporated in this eprint (most recent first)


Notes
1 General
  • This is an eprint of the Securities Act (New Zealand Post Limited Stamp Collectors) Exemption Amendment Notice 2007. The eprint incorporates all the amendments to the notice as at 1 June 2012. The list of amendments at the end of these notes specifies all the amendments incorporated into this eprint since 3 September 2007.

    Relevant provisions of any amending enactments that contain transitional, savings, or application provisions that cannot be compiled in the eprint are also included, after the principal enactment, in chronological order.

2 About this eprint
3 List of amendments incorporated in this eprint (most recent first)
  • Securities Act (New Zealand Post Limited Stamp Collectors) Exemption Notice 2002 (SR 2002/114): clause 3