1286 NEW ZEALAND GAZETTE, No. 55 21 APRIL 2011

in which it operates to deal in futures contracts on
behalf of that person and to hold client money for
that purpose; and
(e) the Company does not carry on the business of
dealing in futures contracts on behalf of any
wholesale client other than one who has entered into
a written contract for services with the Company,
and then only in accordance with the terms of the
contract; and
(f) the Company, and any other person acting on its
behalf, does not hold or receive any client money or
client property in the course of carrying on its
business as a dealer in futures contracts; and
(g) the Company remains licensed as a bank under the
laws of the State of New York and the United States
of America; and
(h) the Company notifies the Commission as soon as
practicable of any regulatory action taken by
the State of New York Banking Department, the
United States Federal Reserve, the US Commodity
Futures Trading Commission or any other competent
regulatory authority in relation to its futures dealings;
and
(i) the Company provides the Commission with a copy
of its parent corporation’s audited annual financial
statements no later than three months after the end
of each financial year for the Company; and
(j) the Company notifies the Commission of any
material matter concerning its authorisation as a
futures dealer.

Dated at Wellington this 15th day of April 2011.

The Common Seal of the Securities Commission was affixed
in the presence of:
[L.S.]

D. W. MAYHEW, Member.
au2604

The Authorised Futures Dealers (QS Investors, LLC) Notice 2011

Pursuant to section 38 of the Securities Markets Act 1988,
the Securities Commission gives the following notice.

Notice

1. Title, commencement, and expiry—(1) This notice is
the Authorised Futures Dealers (QS Investors, LLC) Notice
2011.

(2) This notice comes into force on the day after the date of
its publication in the New Zealand Gazette.

(3) This notice expires on the close of 28 April 2016.

2. Interpretation—(1) In this notice, unless the context
otherwise requires:

Act means the Securities Markets Act 1988.

CFTC means the Commodity Futures Trading
Commission of the United States of America.

Commodity Exchange Act means the Commodity
Exchange Act 1936 of the United States of America.

Commodity Trading Advisor means a person who is
registered as a Commodity Trading Advisor under the
Commodity Exchange Act.

NFA means the National Futures Association, a
self-regulatory organisation established under the
Commodity Exchange Act in the United States of
America.

QS Investors means QS Investors, LLC.

recognised exchange means an authorised futures
exchange or any exchange in a country other than
New Zealand which is authorised by the laws of that
country to operate as a futures exchange.

wholesale client means any client that is:

(a) a person who controls at least $10 million; or

(b) a trustee of a trust or a funds manager, acting in
that capacity, who has under that person’s control,
as trustee or funds manager, net assets of at least
$10 million; or

(c) a person who is authorised to carry on the business
of dealing in futures contracts under the Act; or

(d) a person authorised in another jurisdiction by the
competent authority of that jurisdiction to deal in
futures contracts; or

(e) Her Majesty The Queen in right of New Zealand,
a Crown entity named in the Crown Entities Act
2004, or a State enterprise named in the First or
Second Schedule to the State-Owned Enterprises
Act 1986 (each as amended from time to time); or

(f) a person who is a statutory corporation or a
registered bank; or

(g) a person whose principal business is the investment
of money or who, in the course of and for the
purposes of their business, habitually invests money;
or

(h) a person who is a related body corporate of any of
the persons mentioned in subparagraphs (a) to (g)
above.

(2) Any term or expression that is defined in the Act and
used, but not defined, in this notice has the same meaning
as in the Act.

3. Authorisation for QS Investors—(1) QS Investors is
authorised to carry on the business of dealing in futures
contracts generally.

(2) The authorisation in clause 3(1) is subject to the
conditions that:

(a) QS Investors deals only on behalf of its wholesale
clients; and

(b) before dealing in any futures contract in respect of
which the authorisation applies, QS Investors is
satisfied on reasonable grounds that the wholesale
client is contracting:

(i) as principal on its own account; or

(ii) on behalf of a related body corporate; or

(iii) as trustee of a trust or manager of a managed
fund; and

(c) QS Investors does not carry on the business of
dealing in futures contracts on behalf of any
wholesale client other than one who has entered into
a written contract for services with QS Investors,
and then only in accordance with the terms of that
contract; and

(d) in respect of any futures contract that is made
on or effected through a recognised exchange, any
acquisition or disposal of the contract is effected
through a person who is an authorised participant or
member of the recognised exchange and who is
authorised or licensed by the laws of the country
in which it operates to deal in futures contracts on
behalf of that person and to hold client money for
that purpose; and

(e) QS Investors is registered with the NFA as a
Commodity Trading Advisor; and

(f) QS Investors notifies the Commission as soon as
practicable if QS Investors’ status as a Commodity
Trading Advisor is varied or revoked; and