Explanatory note

This note is not part of the notice, but is intended to indicate its general effect.

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 (the principal notice).

The notice extends the expiry date of the principal notice from 31 December 1999 to 31 December 2003.

The notice amends the definition of the term specified person in clause 2(1) of the principal notice. In essence, specified persons are beneficiaries under the superannuation schemes to which the principal notice applies. The term includes individuals who are eligible to subscribe for interests in a scheme as members of, or as the result of a relationship with, persons who have entered into an admission deed before the commencement of the principal notice (paragraph (d)(ii) of the definition).

The amendment to the definition makes it clear that the admission deed must relate to the scheme (and not to some other unrelated scheme).

The notice also clarifies that the exemption from the requirement for a prospectus to be signed by every promoter (section 41(b)(ii) of the Securities Act 1978) only applies to a prospectus relating to a scheme covered by the principal notice.