Securities Markets Act (NZCDC Settlement System) Exemption Revocation Notice 2014
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Reprint as at 1 December 2016
Securities Markets Act (NZCDC Settlement System) Exemption Revocation Notice 2014
(LI 2014/356)
Securities Markets Act (NZCDC Settlement System) Exemption Revocation Notice 2014: revoked, on 1 December 2016, pursuant to Schedule 1 clause 27 of the Financial Markets Conduct Regulations 2014 (LI 2014/326).
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 sections 48(1)(b) and 48B of the Securities Markets Act 1988, the Financial Markets Authority, being satisfied of the matters set out in section 48(2) of that Act, gives the following notice.
Notice
1 Title
This notice is the Securities Markets Act (NZCDC Settlement System) Exemption Revocation Notice 2014.
2 Commencement
This notice comes into force on the close of 30 November 2014.
3 Securities Markets Act (NZCDC Settlement System) Exemption Notice 2010 revoked
The Securities Markets Act (NZCDC Settlement System) Exemption Notice 2010 (SR 2010/302) is revoked.
Dated at Wellington this 21st day of November 2014.
Liam Mason,
General Counsel.
Statement of reasons
This notice, which comes into force on the close of 30 November 2014, revokes the Securities Markets Act (NZCDC Settlement System) Exemption Notice 2010 as a result of certain provisions of the Financial Markets Conduct Act 2013 coming into force on 1 December 2014. That notice is replaced by the Financial Markets Conduct (NZCDC Settlement System) Exemption Notice 2014.
The Financial Markets Authority (the FMA), after satisfying itself as to the matters set out in section 48(2) of the Securities Markets Act 1988, considers it appropriate to revoke the Securities Markets Act (NZCDC Settlement System) Exemption Notice 2010 because—
the Securities Markets Act 1988 is to be repealed from 1 December 2014 and consequently the exemptions in the Securities Markets Act (NZCDC Settlement System) Exemption Notice 2010 will not be required and will not be able to be relied upon from that date:
the Financial Markets Conduct (NZCDC Settlement System) Exemption Notice 2014 is substantially similar to the Securities Market Act (NZCDC Settlement System) Exemption Notice 2010 and will be able to be relied on from 1 December 2014. Therefore, the FMA considers that the revocation of the exemption notice is not broader than is reasonably necessary.
Date of notification in Gazette: 27 November 2014.
Reprints notes
1 General
This is a reprint of the Securities Markets Act (NZCDC Settlement System) Exemption Revocation Notice 2014 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
Financial Markets Conduct Regulations 2014 (LI 2014/326): Schedule 1 clause 27
Versions
Securities Markets Act (NZCDC Settlement System) Exemption Revocation Notice 2014
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