29 NOVEMBER 2012 NEW ZEALAND GAZETTE, No. 142 4173

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

Act means the Securities Markets Act 1988.

advertisement has the meaning given to it in section 2A of the Securities Act 1978, except that every reference to securities should be read as a reference to specified futures contracts, and every reference to the issuer should be read as a reference to the Company.

adviser means a director, employee or agent of the Company who provides, or may provide, futures adviser services to a client.

approved counterparty means

(a) a registered bank;

(b) an overseas bank;

(c) a company which is an authorised deposit-taking institution under the Banking Act 1959 (Commonwealth of Australia);

(d) a company which is a futures commission merchant registered under the Commodity Exchange Act (United States of America); or

(e) a company which is registered as a BIPRU 730k firm or a BIPRU 150k firm with the United Kingdom Financial Services Authority.

auditor means the qualified auditor who has been appointed by the Company and entered into agreed upon procedures with the Company in accordance with clause 6(1) and (2) of this notice.

Company means Global Brokers (NZ) Limited.

disclosure document means a written document that describes and contains the offer of, and relates specifically to, a particular class, or particular classes, of specified futures contracts.

futures adviser service means a service provided by or on behalf of the Company in relation to a specified futures contract that would, but for section 14(1)(n) of the Financial Advisers Act 2008, constitute financial advice or a discretionary investment management service under that Act.

offence of dishonesty means:

(a) an offence described in any of sections 104, 105B, 108 to 117, and 217 to 266 of the Crimes Act 1961;

(b) an offence described in any of sections 15 to 20 of the Summary Offences Act 1981; and

(c) an offence under the laws of another jurisdiction which is equivalent to an offence referred to in paragraph (a) or (b).

personalised futures adviser service means a futures adviser service that would, but for section 14(1)(n) of the Financial Advisers Act 2008, constitute a personalised service under that Act.

prescribed liquid funds amount is the amount specified in clause 5(3).

qualified auditor has the same meaning as in section 2C of the Securities Act 1978.

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.

Regulations means the Futures Industry (Client Funds) Regulations 1990.

remuneration means any commission, fee or other benefit, whether pecuniary or non-pecuniary, and whether direct or indirect; but in the case of an adviser, does not include wages or salary which are of a fixed amount; and remunerated has a corresponding meaning.

retail client has the meaning given to that term by the Financial Advisers Act 2008.

specified futures contract means a futures contract, other than a futures contract that is made on or effected through a recognised exchange, to which the Company is, or intends to be, a party and that is described in the disclosure document.

surplus liquid funds has the meaning set out in clause 5(4).

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

3. Authorisation—(1) The Company is authorised to carry on the business of dealing in specified futures contracts.

(2) The authorisation is subject to the conditions that:

(a) the Company does not enter into specified futures contracts with any person other than a person who has entered into a written agreement with the Company, and then only in accordance with the terms of that agreement;

(b) before the Company enters into a specified futures contract with any person, that person has received a disclosure document that complies with the requirements of clause 4 of this notice;

(c) every advertisement for a specified futures contract must refer to a disclosure document that relates to the specified futures contracts referred to in the advertisement;

(d) no advertisement shall contain any information, sound, image or other matter that is inconsistent with any disclosure document referred to in the advertisement;

(e) before the Company provides any personalised futures adviser service to any retail client in relation to a specified futures contract, the Company has provided that person with an adviser disclosure statement which clearly sets out the following information:

(i) the name and contact details of the Company;

(ii) a statement to the effect that that advice on futures contracts is regulated under the Company’s authorisation as a futures dealer and is not regulated under the Financial Advisers Act 2008;

(iii) the types of products the Company deals in and, if advice on any product is only provided by some advisers, which advisers can provide advice on each product;

(iv) a description of how the Company and its advisers are remunerated for futures dealing services;