Exemption Review
Several exemptions, due to expire in September 2002, were extended to enable further consultation with interested parties. These exemptions were for religious and charitable organisations, industrial and provident societies, and co-operative companies.
Subsequently the Commission has granted the following new exemption notices:
- Securities Act (Industrial and Provident Societies) Exemption Notice 2002
- Securities Act (Co-operative Companies) Exemption Notice 2002.
The Securities Act (Co-operative Companies) Exemption Notice 2002 replaces the 1997 notices for cooperative
companies and co-operative dairy companies and combines them into one notice.
The Securities Act (Charitable and Religious Purposes) Exemption Notice 2003 is being drafted and will be
gazetted soon. This notice will replace and combine the Securities Act (Religious Organisations) Exemption
Notice 1997 and the Securities Act (Charitable and Other Purposes) Exemption Notice 1997.
The existing notices have been extended to provide transitional periods. The 1997 notices for religious
organisations and charitable purposes have been extended to 31 March 2003. The 1997 notices for co-operative companies, co-operative dairy companies, and industrial and provident societies have been extended to 30 June 2003.
When the Securities Act (Charitable and Religious Purposes) Exemption Notice 2003 is published the exemption review will be completed. We are grateful to those who made submissions on our proposals and who commented on draft exemption notices.
|
The future for futures dealers
Futures dealers are authorised by the Commission under section 38 of the
Securities Markets Act 1988 (formerly the Securities Amendment Act 1988).
The New Zealand futures industry is changing. In particular the New
Zealand Futures and Options Exchange's move to Australia has led to a
proposed withdrawal of the regulatory functions currently undertaken by that
exchange.
It is timely to review our policy on the authorisation of futures dealers.
We published a discussion paper in December which:
- outlines the changes in the industry; and
- proposes a new framework for regulating dealers who arrange forward
contracts and most other derivatives.
The proposals encompass those who deal in futures contracts in terms of the
Act, principally those who act in traditional broking roles whether as advisers
or as public brokers.
We welcome comment from interested parties on the paper which is available
on our website www.seccom.govt.nz or by telephoning (04) 472 9830. The
closing date for comments is 14th February 2003.
|
 Surfing for dubious investment websites
Securities regulators found 285 suspicious websites during the 2002 'Surf Day', according to the Australian Securities and Investments Commission which collated results for the Asia Pacific region.
Fifty-four people in China, Hong Kong, Singapore, Australia and New Zealand took part in the surf day on 1 October 2002. More than 4000 websites were checked.
Four websites registered in New Zealand were reported as 'suspicious' by other jurisdictions because they appeared to give investment advice without being licensed to do so. Investment advisers in most other countries are required to be licensed. We have checked these sites. Under New Zealand law investment advisers do not have to be licensed.
New Zealand surfers identified nine sites considered to be suspicious. These were mostly sites registered in the United States which appeared to be promoting pyramid schemes.
ASIC has given the information to all the countries that took part and each regulator will follow up on suspicious sites registered within its jurisdiction.
|
|
Securities Commission
Level 12, Reserve Bank Building
2 The Terrace, Wellington
|
|
|
|
|
| REGISTER NOW... on our website www.seccom.govt.nz to be alerted to new information as it is posted on the site. Enter your email address in the registration box on the home page and we will let you know when important new items are available.
|
|
