28 AUGUST 2008 NEW ZEALAND GAZETTE, No. 133 3501

(ii) 12.5% of net earnings (payable only when and to the extent that funds are withdrawn by a participant);
and no such fees will be charged in respect of any sponsored market;

(d) all funds paid to the clearing house by participants for credit to their accounts with the clearing house must be held in the participants’ funds account, and the clearing house may only disburse funds from that account in the following circumstances:

(i) payments to participants in accordance with their account entitlements;

(ii) deductions of fees and interest;

(iii) repayment of amounts lodged in error or in excess of the participant’s contribution limit;

and

(iv) repayment of amounts lodged in error or in excess of the sponsor’s contribution limit;

(e) the clearing house remains at all times a wholly-owned subsidiary of the market provider, and ISCR and Vic Link, together or individually, must at all times retain a majority of the voting shares in and the ability to control the appointment of a majority of the directors to the board of the market provider;

(f) the clearing house must keep and maintain proper records of each participant’s dealings, account and holdings;

(g) the financial statements of the market provider and clearing house for each financial year are audited, and a copy of those financial statements and the audit report is made available electronically to any person requesting them and sent to the Commission no later than five months after the end of each financial year;

(h) the clearing house is and remains obliged, under the terms and conditions of the participation agreement, to pay to any participant the available balance in that participant’s account as soon as practicable (and in any event no later than three working days after receiving a request or instruction from that participant to do so) – except to the extent (if any) that that balance consists of sponsor contributions which the sponsor has required not to be disbursed until after the liquidation date of the relevant sponsored market;

(i) under the terms of participation the market provider can prohibit any person from participating in the market;

(j) the market provider and clearing house must report to the Commission annually on the operation of the market, including contracts traded, volume and value of trades, number of participants, and any material systems failures or interruptions.;

(k) the market provider and clearing house must immediately report to the Commission any discrepancy or shortfall discovered in the participants’ funds account;

(l) the market provider’s website contains, in a prominent place, a statement to the effect that:

(i) the markets operated by the market provider are intended as a research and educational facility, not as an investment market or a gambling facility, and the market provider has been authorised to act as a futures dealer, and the contracts traded are treated as futures contracts under New Zealand law, in order to provide certainty as to the legal treatment of the contracts;

(ii) the Commission’s role in authorising futures dealers is limited and does not imply approval or endorsement of the business, trading or solvency of the company concerned; and

(iii) the Commission has not approved any documentation of the market provider, or the terms and conditions on which it carries out its business.

Dated at Wellington this 26th day of August 2008.

The Common Seal of the Securities Commission was affixed in the presence of:

[L.S.]

JANE DIPLOCK, Chairperson.

au6316

Land Notices

Conservation Act 1987

Declaring Land to be Held for Conservation Purposes

Under the Conservation Act 1987, the acting Conservation Support Manager for the Bay of Plenty Conservancy of the Department of Conservation declares that the land described in the Schedule is held for conservation purposes.

South Auckland Land District—Rotorua District

Schedule

(parts New Zealand Gazette, 24 June 1948, No. 37, page 777 and New Zealand Gazette, 13 September 1956, No. 51, page 1247).

Dated at Rotorua this 20th day of August 2008.

CRAIG SUMMERS.

(DOC PAA-04-03-25)

ln6147

Declaring Land to be Held for Conservation Purposes

Under section 7 of the Conservation Act 1987, the Conservator for the Otago Conservancy of the Department of Conservation and the Commissioner of Crown Lands, acting under a delegation from the Minister for Land Information, being the Minister responsible for the department of State that has control of the land described in the Schedule, jointly declare that the land is held for conservation purposes.