Futures Contracts (Figure Eight Global Investors Limited) Exemption Notice 2009

  • expired
  • Futures Contracts (Figure Eight Global Investors Limited) Exemption Notice 2009: expired, on 1 August 2014, by clause 3.

Reprint
as at 1 August 2014

Coat of Arms of New Zealand

Futures Contracts (Figure Eight Global Investors Limited) Exemption Notice 2009

(SR 2009/203)

  • Futures Contracts (Figure Eight Global Investors Limited) Exemption Notice 2009: expired, on 1 August 2014, by clause 3.


Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This notice is administered by the Financial Markets Authority.


Pursuant to section 48(1)(d) of the Securities Markets Act 1988, 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 Futures Contracts (Figure Eight Global Investors Limited) Exemption Notice 2009.

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 July 2014.

4 Interpretation
5 Exemption
  • Figure Eight Global Investors Limited and every person acting on its behalf are exempted from regulations 3(1) and 24 of the Regulations.

6 Condition of exemption
  • The exemption in clause 5 is subject to the condition that neither Figure Eight Global Investors Limited nor any other person on its behalf holds for, or receives from or on behalf of, any client any client money or client property.

Dated at Wellington this 21st day of July 2009.

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

[Seal]

J Diplock,
Chairperson.


Statement of reasons

This notice, which comes into force on the day after the date of its notification in the Gazette and expires on 31 July 2014, exempts Figure Eight Global Investors Limited (a dealer under the Futures Industry (Client Funds) Regulations 1990) from the following provisions of those regulations:

  • regulation 3(1) (which requires a dealer to establish and maintain 1 or more client bank accounts):

  • regulation 24 (which requires a dealer to ensure that its client records are audited).

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

  • Figure Eight Global Investors Limited, under the condition of the exemption, will not be permitted to hold for, or receive from or on behalf of, any client any client money or client property. Given this, there is no benefit in requiring it to maintain a client bank account. This also means that it will not have any client records to be audited; and

  • the Commission is satisfied that the prohibition against holding or receiving client money or client property provides an adequate alternative safeguard for preserving client money and client property.


Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 23 July 2009.


Reprints notes
1 General
  • This is a reprint of the Futures Contracts (Figure Eight Global Investors Limited) Exemption Notice 2009 that incorporates all the amendments to that notice as at the date of the last amendment to it.

2 Legal status
  • Reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by any amendments to that enactment. Section 18 of the Legislation Act 2012 provides that this reprint, published in electronic form, has the status of an official version under section 17 of that Act. A printed version of the reprint produced directly from this official electronic version also has official status.

3 Editorial and format changes
4 Amendments incorporated in this reprint
  • Futures Contracts (Figure Eight Global Investors Limited) Exemption Notice 2009 (SR 2009/203): clause 3