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Summary of

Securities Act (Authorised Futures Contracts) Exemption Notice 2002

2002/295

Gazetted on 19 September 2002
Expires on 30 September 2007

This notices replaces the Securities Act (Authorised Futures Contracts) Exemption Notice 1997 (the 1997 notice). It carries forward the provisions of the 1997 notice without any change of substance, but with certain drafting changes which reflect current drafting practice.

Context
An authorised futures contract is a futures contract which is

• made on or through an authorised futures exchange in New Zealand; or
• made by a futures dealer authorised by the Securities Commission on or through an authorised futures exchange in another country; or
• of a class in which a futures dealer has been authorised by the Securities Commission to deal.

Effects of the exemption
Authorised futures dealers are exempted from the prospectus and investment statement requirements and certain other requirements of the Act and the Regulations in respect of authorised futures contracts.

The exemption
Authorised futures dealers are exempted from sections 33(2) and (3), 37, 37A, 38A, and 51 to 54B of the Act and the regulations (except regulation 8) in respect of authorised futures contracts.

Reasons
The Commission reviewed the 1997 notice and received submissions from interested parties. The exemption in the 1997 notice was found to be relevant and useful. The exemption reflects current Commission policy.