Most Read Contributor in New Zealand, September 2016
5 We submit that the definition of give should be
amended to make it clearer that it covers delivery of a PDF and
other electronic delivery modes, such as a hyperlink to a known
email address. It should also be "future proofed" to
allow for the emergence of new delivery mechanisms.
6 This would easily be achieved by the following amendments to
6.1 adopting the concept set out in section 422(3) –
which allows a disclosure statement to be provided to a
recipient's last known address (including electronic
6.2 expanding the current reference to recipients readily
storing the document or information to also contemplate recipients
being provided with an electronic address that allows ongoing
access to the document (for example from a website or other
centralised electronic source)
6.3 expanding the definition to allow further modes of delivery
to be prescribed in regulations.
7 Paragraph (a) should be expanded to include "or (in the
case of redeemable shares) the constitution or terms of issue
governing the terms of such shares". This amendment would
recognise that the usual document governing redeemable shares is a
company's constitution or terms of issue, not a trust deed.
8 Paragraph (b) should be amended (to remove redundancy) to
prescribe simply that:
"in relation to a registered scheme that is a defined
benefit scheme, the value of the assets in the scheme is less than
the value of the vested benefit liabilities".
Follow-on offers in managed investment schemes should be
treated the same as superannuation and KiwiSaver
9 As noted in our submission on the Exposure Draft, we support the
confirmation (in section 10(2)(c)) of the prevailing view that
further contributions to a superannuation or KiwiSaver scheme do
not constitute a fresh "issue" of a financial
10 We note the provision for recognition of an "other
prescribed scheme" but see no policy reason why this
concept should not be extended within the Bill itself to followon
contributions to other types of continuously offered managed
investment schemes. This is because:
10.1 such schemes are similar in all material respects to
superannuation and KiwiSaver schemes – they are all
savings schemes - and therefore there should be no distinction,
10.2 it would remove the current uncertainty as to whether a new
investment statement/PDS needs to be provided to every investor in
a scheme other than a superannuation or KiwiSaver scheme when the
investment statement/PDS is replaced. This should be unnecessary
for investors who have already made a decision to invest in the
11 To avoid any abuse of the provisions by fringe products, any
managed investment schemes which have characteristics which mean
different treatment is appropriate can be dealt with in regulations
dis-applying section 10(2)(c). We submit that section 10(2)(c)
should reverse the default and cover all managed investment schemes
except to the extent prescribed by regulation.
The committee set up to draft a Code on Resolution of Financial Firms, by the Ministry of Finance, Government of India, on September 28, 2016, released a draft bill – The Financial Resolution and Deposit Insurance Bill, 2016...
In a race to adopt technology innovations, Banks have increased their exposure to cyber incidents/ attacks thereby underlining the urgent need to put in place a robust cyber security and resilience framework.
RG 256 deals primarily with remediation programs conducted by licensees who provide personal advice to retail clients.
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