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 (Calibre Asset Services Limited) Exemption Notice 2004 to extend the application of the principal notice to all unit trusts established by Calibre Asset Services Limited (Calibre) under the laws of Australia and governed by a trust deed dated 18 August 2003 (the trust deed).

The Securities Commission considers that the amendment to the principal notice is appropriate for the following reasons:

• the principal notice is intended to allow units in certain Australian unit trusts to be offered to the public in New Zealand on terms similar to those applicable to units in New Zealand unit trusts offered to the public in New Zealand:

• the amendment enables any Australian unit trust established by Calibre and governed by the trust deed to take advantage of the exemptions in the principal notice without the need for each individual unit trust to be expressly referred to in the principal notice. This amendment reduces compliance costs for Calibre and clarifies that the Commission does not assess or endorse individual unit trusts:

• the Commission considers that the application of the exemption is limited sufficiently by its terms, which apply the exemption only to unit trusts established under the laws of Australia and governed by the trust deed.