|Name of notice||Group Investment Index Funds|
|Gazette Notification Date||2004-06-10|
|Date In Force||2004-06-11|
In relation to any group investment fund they manage, NZX and their wholly owned subsidiaries do not need to include in their prospectus or advertising the statements prescribed in the Securities Regulations 1983 which relate to listing on the stock exchange.
NZX is seeking to expand their range of passive fund products. Because NZX is both the issuer of the funds and the registered exchange on which they are listed, the wording of the prescribed statements relating to listing is not applicable.
This exemption extends the exemption provided under the Securities Act (Group Investment Index Fund) Exemption Notice 2002 ("principal notice") in relation to the NZSE 10 Index Fund.
he trustee and manager of any fund, for which NZX or a wholly owned subsidiary is the manager, are exempt from regulation 23 of the Securities Regulations 1983 in respect of any shares in that fund.
The exemption is subject to the condition that the registered prospectus or advertising for the shares includes the following statement: "Units in the [name of fund] have been accepted for quotation by New Zealand Exchange Limited and will be quoted upon completion of allotment procedures."
The Securities Commission considers that the amendment is appropriate because NZX, as an issuer, cannot make the statement required by regulation 23, as it is responsible at law for statements in the registered prospectus. The amendment is therefore necessary if NZX is to offer interests in additional group investment funds.