Securities Act (Mercer Investment Nominees (NZ) Limited) Exemption Notice 2008

  • expired
  • Securities Act (Mercer Investment Nominees (NZ) Limited) Exemption Notice 2008: expired, on 1 September 2008, by clause 3.

Reprint
as at 1 September 2008

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Securities Act (Mercer Investment Nominees (NZ) Limited) Exemption Notice 2008

(SR 2008/148)

  • Securities Act (Mercer Investment Nominees (NZ) Limited) Exemption Notice 2008: expired, on 1 September 2008, by clause 3.


Note

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.

The Securities Act (Mercer Investment Nominees (NZ) Limited) Exemption Notice 2008 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 (Mercer Investment Nominees (NZ) Limited) Exemption Notice 2008.

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

3 Expiry
  • This notice expires on the close of 31 August 2008.

4 Interpretation
  • (1) In this notice, unless the context otherwise requires,—

    Act means the Securities Act 1978

    financial statements has the meaning given to it by section 8 of the Financial Reporting Act 1993

    Mercer dc division means the Mercer defined contributions division of the scheme

    Mercer dc division offer means an offer of subscriptions for units in the Mercer dc division to be made by the trustee to the public in a prospectus to be registered on or about 28 June 2008

    Mercer ps division means the Mercer personal savings division of the scheme

    Mercer ps division offer means an offer of subscriptions for units in the Mercer ps division to be made by the trustee to the public in a prospectus to be registered on or about 28 June 2008

    Regulations means the Securities Regulations 1983

    scheme means the Mercer Super Trust, a registered superannuation scheme under the Superannuation Schemes Act 1989

    trustee means the trustee of the scheme, Mercer Investment Nominees (NZ) Limited.

    (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.

5 Exemptions from section 37A(1)(c)(i) of Act and clause 5(2) of Schedule 3C of Regulations
  • The trustee and every person acting on its behalf are exempted from section 37A(1)(c)(i) of the Act and clause 5(2) of Schedule 3C of the Regulations in respect of the Mercer dc division offer and the Mercer ps division offer.

6 Conditions
  • The exemptions in clause 5 are subject to the condition that—

    • (a) the registered prospectus for the Mercer dc division offer contains either—

      • (i) financial statements for the scheme and the Mercer dc division for the 9-month period ending on 30 September 2007; or

      • (ii) a statement that those financial statements are available without charge from the scheme upon request in writing; and

    • (b) the registered prospectus for the Mercer ps division offer contains either—

      • (i) financial statements for the scheme and the Mercer ps division for the 9-month period ending on 30 September 2007; or

      • (ii) a statement that those financial statements are available without charge from the scheme upon request in writing; and

    • (c) the financial statements referred to in paragraphs (a)(i) and (b)(i) must be prepared as if they are full financial statements to be registered under the Financial Reporting Act 1993, except that they need not be audited; and

    • (d) the amounts that appear in the financial statements required by clause 5(1) of Schedule 3C of the Regulations must be the amounts that appear in financial statements that comply with, and have been registered under, the Financial Reporting Act 1993 or the amounts that appear in the financial statements referred to in, as appropriate, paragraphs (a)(i) or (b)(i).

Dated at Wellington this 26th day of May 2008.

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

[Seal]

N O Todd,
Member.

Statement of reasons

This notice comes into force on the day after the date of its notification in the Gazette and expires on 31 August 2008.

The notice exempts Mercer Investment Nominees (NZ) Limited (the trustee) from section 37A(1)(c)(i) of the Securities Act 1978 and clause 5(2) of Schedule 3C of the Securities Regulations 1983 in respect of the offers of units in the Mercer personal savings division and the Mercer defined contributions division (the divisions) of the Mercer Super Trust (the scheme).

Section 37A(1)(c)(i) of the Securities Act 1978 concerns the date of allotment of securities in relation to the date of relevant statements of financial position, and clause 5(2) of Schedule 3C of the Securities Regulations 1983 specifies some content requirements for financial statements.

The Securities Commission considers it appropriate to grant the exemptions because,—

  • due to the change to its balance date, the trustee is not able to have the scheme's financial statements audited in time to include them in the prospectuses for the scheme. However, due to the nature of the scheme's business as a superannuation fund provider, it is necessary for the funds to remain continuously open:

  • the exemptions are subject to a condition that the prospectuses must contain interim accounts for the divisions and the scheme, which would not usually be required for a superannuation scheme's prospectuses. The exemptions allow the new prospectuses to be used only to span the 2-month gap before audited accounts can be completed. The prospectuses must otherwise comply with the Securities Act 1978:

  • the change of balance date is prompted by changes to the tax regime. Under the new portfolio investment entity tax regime, the scheme is required to account for taxation based on a 31 March balance date. Aligning the scheme's financial reporting balance date with that for its tax obligations significantly reduces the complexity in reconciling the two:

  • the divisions both operate as defined contributions superannuation schemes.


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

Date of notification in Gazette: 29 May 2008.


Contents

  • 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)


Notes
1 General
  • This is a reprint of the Securities Act (Mercer Investment Nominees (NZ) Limited) Exemption Notice 2008. The reprint incorporates all the amendments to the Securities Act (Mercer Investment Nominees (NZ) Limited) Exemption Notice 2008 as at 1 September 2008, 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.

2 Status of reprints
  • 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.

3 How reprints are prepared
  • 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/legislation/reprints.shtml or Part 8 of the Tables of Acts and Ordinances and Statutory Regulations, and Deemed Regulations in Force.

4 Changes made under section 17C of the Acts and Regulations Publication Act 1989
  • 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).

5 List of amendments incorporated in this reprint (most recent first)