Securities Act (Multiple Participants Superannuation Schemes) Exemption Amendment Notice 2009

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2009/346

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Securities Act (Multiple Participants Superannuation Schemes) Exemption Amendment Notice 2009

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 (Multiple Participants Superannuation Schemes) Exemption Amendment Notice 2009.

2 Commencement

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

4 Title, commencement, and expiry

  • Clause 1(3) is amended by omitting “30 November 2009” and substituting “31 December 2011”.

Dated at Wellington this 12th day of November 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, amends the Securities Act (Multiple Participants Superannuation Schemes) Exemption Notice 1998 to extend the expiry date from 30 November 2009 to 31 December 2011.

The Securities Commission considers that it is appropriate to amend the exemption notice because the notice continues to provide useful and relevant exemptions for trustees and promoters of multiple employer superannuation schemes that take the form of master trusts. Superannuation scheme trustees would otherwise have to disclose details in the investment statement and prospectus about numerous scheme participants, and a large number of employers and other participants would be required to sign the prospectus.

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

Date of notification in Gazette: 19 November 2009.

This notice is administered by the Securities Commission.