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).

1 Title

2 Commencement

3 Expiry

4 Interpretation

5 Exemption from section 53E(1) of Act

6 Condition of exemption

Notice

1 Title

This notice is the Securities Act (Deutsche Bank Aktiengesellschaft) Exemption Notice 2009.

2 Commencement

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

3 Expiry

This notice expires on the close of 30 September 2014.

4 Interpretation

(1) In this notice, unless the context otherwise requires,—

Act means the Securities Act 1978

DB means Deutsche Bank Aktiengesellschaft, a bank incorporated in Germany and a registered bank within the meaning of section 2(1) of the Reserve Bank of New Zealand Act 1989

Regulations means the Securities Regulations 2009

specified financial statements means the audited consolidated financial statements of DB that comply with clause 7(b) to (e) of the Financial Reporting Act (Deutsche Bank Aktiengesellschaft) Exemption Notice 2009.

(2) Any term or expression that is defined in the Act or the Regulations and used, but not defined, in this notice has the same meaning as in the Act or the Regulations.

5 Exemption from section 53E(1) of Act

DB and every person acting on its behalf are exempted from section 53E(1) of the Act.

6 Condition of exemption

The exemption in clause 5 is subject to the condition that the specified financial statements be audited at least once a year by DB’s auditor under the laws of Germany.

Dated at Wellington this 5th day of October 2009.

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

[Seal]

C A N Beyer,
Member.

Statement of reasons

This notice, which comes into force the day after its notification in the Gazette and expires on 30 September 2014, exempts Deutsche Bank Aktiengesellschaft (DB) and every person acting on its behalf from section 53E(1) of the Securities Act 1978 (the Act). The effect of the exemption is to relieve DB from the requirement to have its financial statements audited by a qualified auditor as defined in section 2C of the Act. The exemption will allow DB to have its financial statements audited by its German auditors instead.

The Securities Commission considers that it is appropriate to grant the exemption because—

the Commission has had regard to the German audit requirements that must be complied with by DB. The condition of the exemption requires that the financial statements be audited in accordance with those requirements:
the Commission is satisfied that there will be no detriment to investors as a result of the audit being undertaken in accordance with German law and that the exemption will reduce compliance costs for the issuers:
the exemption complements exemptions granted to DB from certain provisions in the Financial Reporting Act 1993.

Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 8 October 2009.

Reprints notes

1 General

This is a reprint of the Securities Act (Deutsche Bank Aktiengesellschaft) Exemption Notice 2009 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 (Deutsche Bank Aktiengesellschaft) Exemption Notice 2009 (SR 2009/301): clause 3

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Securities Act (Deutsche Bank Aktiengesellschaft) Exemption Notice 2009