31 MARCH 2011 NEW ZEALAND GAZETTE, No. 41

(ii) 12.5% of net earnings (payable only when and to the extent that funds are withdrawn by a participant), and no such fees will be charged in respect of any sponsored market;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) the market provider may increase fees above the levels provided in clause 3(2)(c), change the structure of those fees or introduce new categories of fees provided that at least five working days’ notice is provided to participants before the new fees come into effect;

(e) 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;

(f) 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;

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

(h) 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;

(i) 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, or six working days where the market provider has given at least five working days’ notice to participants of its intention to extend this period) – 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;

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

(k) 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;

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

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

997

(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.

(3) For branded markets, the authorisation granted in clause 3(1) is subject to the same conditions specified in clause 3(2), with the addition of the following condition:

The internet site for the branded market must contain prominent statements that it is operated by the market provider in reliance on the Commission’s authorisation, and detailing the matters required under clause 3(2)(l).

4. Revocation—The Authorised Futures Dealers Notice (iPredict Limited) 2008, published in the New Zealand Gazette, 28 August 2008, No. 133, page 3500, is revoked.

Dated at Wellington this 29th day of March 2011.

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

[L.S.]

JANE DIPLOCK AO, Chairperson.

au2068

Tertiary Education Commission

Industry Training Act 1992

Notice of Recognition for Fire and Rescue Services Industry Training Organisation Incorporated

Pursuant to section 5 of the Industry Training Act 1992, full recognition for the Fire and Rescue Services Industry Training Organisation Incorporated has been granted for a further period of five years, with effect from 19 June 2010 to 19 June 2015, to set standards at Levels 1–8 on the New Zealand Qualifications Framework for the fire and rescue services industry.

Dated at Wellington this 20th day of June 2010.

HON STEVEN JOYCE, Minister for Tertiary Education.

au2072

Notice of Provisional Recognition for REINZ Industry Training Organisation Limited (trading as Real ITO)

Pursuant to section 8 of the Industry Training Act 1992, provisional recognition for the REINZ Industry Training Organisation Limited (trading as the Real ITO) has been granted for a period of 12 months, with effect from 31 December 2010 to 30 December 2011, to set standards at Levels 1–8 on the New Zealand Qualifications Framework for the real estate industry.