Dated at Wellington this 29th day of March 2011.
The Common Seal of the Securities Commission was affixed in the presence of:
Statement of reasons
This notice, which comes into force on the day after the date of its notification in the Gazette, amends the Futures Contracts (iPredict Limited) Declaration and Exemption Notice 2008 (the principal notice) to—
increase the amount that a participant in markets operated by iPredict Limited (iPredict) may contribute. The amount is increased from a limit of $1,000 in any period of 6 months to $2,500 in any period of 6 months, subject to a cumulative total limit of $10,000:
correct a clause reference in clause 7 of the principal notice.
The Securities Commission considers that the amendment increasing the amount that a participant may contribute in markets operated by iPredict is appropriate as it enables iPredict to operate more effectively and provide greater market liquidity as well as increased revenue. The Commission initially imposed a limit on contributions to protect client money and as part of appropriate controls on iPredict’s operations as a small-scale research and educational facility. The Commission is satisfied that the increase in contributions does not affect these controls.
Date of notification in Gazette: 31 March 2011.
This notice is administered by the Securities Commission.