Securities Act (Macquarie Investment Services Limited) Exemption Notice 2008

  • expired
  • Securities Act (Macquarie Investment Services Limited) Exemption Notice 2008: expired, on 2 June 2013, by clause 3.

Reprint
as at 2 June 2013

Coat of Arms of New Zealand

Securities Act (Macquarie Investment Services Limited) Exemption Notice 2008

(SR 2008/150)

  • Securities Act (Macquarie Investment Services Limited) Exemption Notice 2008: expired, on 2 June 2013, 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.

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).

Notice

1 Title
  • This notice is the Securities Act (Macquarie Investment Services 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 1 June 2013.

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

    Act means the Securities Act 1978

    Macquarie means Macquarie Investment Services Limited

    participation deed means the deed of participation dated 24 January 2003 entered into between Macquarie and the statutory supervisor of the scheme and includes every amendment to that document

    register means a register of holders of all specified participatory securities containing the information that would, but for this notice, be required by section 51(2) of the Act

    Regulations means the Securities Regulations 1983

    scheme means the Macquarie Highpoint Trust

    specified participatory securities means participatory securities issued under the scheme.

    (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 Exemption from section 51 of Act
  • Macquarie and every person acting on its behalf are exempted from section 51 of the Act in respect of the specified participatory securities.

6 Conditions of exemption
  • The exemption in clause 5 is subject to the conditions that—

    • (a) Macquarie keeps, or causes to be kept, a register at its registered office in Australia; and

    • (b) Macquarie keeps, or causes to be kept, a copy of the register at its New Zealand office; and

    • (c) every holder of a specified participatory security is entitled to inspect and take copies of the register at Macquarie's New Zealand office during normal office hours without payment of any fee; and

    • (d) every registered prospectus relating to the specified participatory securities specifies Macquarie's New Zealand office as the place where a copy of the register may be inspected; and

    • (e) the participation deed contains a covenant by Macquarie to provide the statutory supervisor with a copy of the register.

Dated at Wellington this 3rd day of June 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 1 June 2013. It exempts Macquarie Investment Services Limited (Macquarie), subject to conditions, from compliance with section 51 of the Securities Act 1978 (the Act) in respect of participatory securities issued under the Macquarie Highpoint Trust.

The Securities Commission considers that it is appropriate to grant the exemption because—

  • Macquarie is required by Australian law to maintain its register of participatory securities in Australia. This is potentially in conflict with the requirement in section 51 of the Act that the register be maintained in New Zealand. The exemption resolves any conflict while ensuring that New Zealand investors have access to the same information as would ordinarily be available under section 51 of the Act by requiring that a copy of the register, which is available for inspection by investors, be kept at Macquarie's New Zealand office:

  • the exemption is consistent with the policy of the Act requiring issuers to keep a register and to allow access to information on the register.


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

Date of notification in Gazette: 5 June 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 (Macquarie Investment Services Limited) Exemption Notice 2008. The reprint incorporates all the amendments to the notice as at 2 June 2013, as specified in the list of amendments at the end of these notes.

    Relevant provisions of any amending enactments that contain transitional, savings, or application provisions that cannot be compiled in the reprint are also included, after the principal enactment, in chronological order. For more information, see http://www.pco.parliament.govt.nz/reprints/ .

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/editorial-conventions/ or Part 8 of the Tables of New Zealand 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)
  • Securities Act (Macquarie Investment Services Limited) Exemption Notice 2008 (SR 2008/150): clause 3