Securities Act (Eligible Service Superannuation Schemes) Exemption Amendment Notice 2010

  • revoked
  • Securities Act (Eligible Service Superannuation Schemes) Exemption Amendment Notice 2010: revoked, on the close of 30 November 2016, pursuant to clause 3 of the Securities Act (Eligible Service Superannuation Schemes) Exemption Notice 2004 (SR 2004/473).

Reprint as at 1 December 2016

Coat of Arms of New Zealand

Securities Act (Eligible Service Superannuation Schemes) Exemption Amendment Notice 2010

(SR 2010/34)

Securities Act (Eligible Service Superannuation Schemes) Exemption Amendment Notice 2010: revoked, on the close of 30 November 2016, pursuant to clause 3 of the Securities Act (Eligible Service Superannuation Schemes) Exemption Notice 2004 (SR 2004/473).

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 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 (Eligible Service Superannuation Schemes) Exemption Amendment Notice 2010.

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 “28 February 2010” and substituting “31 July 2014”.

Dated at Wellington this 23rd day of February 2010.

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

[Seal]

N O Todd,
Member.

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 (Eligible Service Superannuation Schemes) Exemption Notice 2004 (the principal notice) by extending the expiry from 28 February 2010 to 31 July 2014.

The Securities Commission considers that the extension of the term of the principal notice is appropriate because the difficulties addressed by the exemption in the notice still exist and the reasons justifying the exemption remain valid. The reasons are as follows:

  • the Commission has previously considered an application from the Anglican Church in Aotearoa, New Zealand and Polynesia, the Methodist Church of New Zealand, and the Presbyterian Church of Aotearoa New Zealand seeking an exemption from the requirement for a registered prospectus when offering membership in particular superannuation schemes (the schemes) to individuals who include some or all of the following: ministers in their church, candidates accepted for the ministry in their church, and persons accepted for training as ministers. At law these individuals are not employees of the churches, and accordingly the schemes are not employer superannuation schemes within the meaning either of the Securities Act 1978 or the Securities Act (Employer Superannuation Schemes) Exemption Notice 2004:

  • the exemptions in sections 5A to 5C of the Securities Act 1978 and in the Securities Act (Employer Superannuation Schemes) Exemption Notice 2004 apply to schemes offered within an employment relationship. The Commission continues to consider that the position of an individual who qualifies for membership of a scheme to which the principal notice applies is sufficiently similar to that of an employee for an exemption to be consistent with the policy of sections 5A to 5C of the Act.

Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 25 February 2010.

Reprints notes
1 General

This is a reprint of the Securities Act (Eligible Service Superannuation Schemes) Exemption Amendment Notice 2010 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

Editorial and format changes to reprints are made using the powers under sections 24 to 26 of the Legislation Act 2012. See also http://www.pco.parliament.govt.nz/editorial-conventions/.

4 Amendments incorporated in this reprint

Securities Act (Eligible Service Superannuation Schemes) Exemption Notice 2004 (SR 2004/473): clause 3