✨ Reappointments and Ministerial Exemptions
NEW ZEALAND GAZETTE, No. 126 — 19 NOVEMBER 2015
2015-go6746
Reappointments to the NZ Transport Agency Board
Pursuant to section 28 of the Crown Entities Act 2004, the Minister of Transport is pleased to reappoint
Chris Moller
as a member and chair of the NZ Transport Agency Board for a term commencing on 20 November 2015 and expiring on 31 October 2016; and
Mark Oldfield
as a member of the NZ Transport Agency Board for a term commencing on 20 November 2015 and expiring on 30 April 2017.
Dated at Wellington this 11th day of November 2015.
Hon SIMON BRIDGES, Minister of Transport.
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Ministerial Exemptions Under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009
In accordance with section 157(6)(b) of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 ("Act"), the Associate Minister of Justice hereby gives notice that he has granted the following exemption from the Act:
Ministerial Exemption: Spark Finance Limited
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In this exemption, unless the context otherwise requires:
Company means Spark Finance Limited.
Specified Securities means debt securities issued by the company.
Spark Group means Spark New Zealand Limited (Spark) and its subsidiaries. -
In my capacity as the Associate Minister of Justice, and pursuant to section 157 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 ("the Act"), I exempt the company from the provisions of this Act that would otherwise apply in respect of Specified Securities.
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This exemption is made subject to the following conditions:
a. The company must at all times be a wholly owned subsidiary of Spark.
b. The company must at all times use at least 95% of the subscriptions raised from the issue of Specified Securities to lend funds to, or to subscribe for or purchase securities in, any member of the Spark Group.
c. The issue of debt securities, whether by the company or by other members of the Spark Group, is not a financial activity carried on in the ordinary course of business of the Spark Group taken as a whole. -
Having regard to the matters set out in section 157(3) of the Act, the exemption has been granted for the following reasons:
a. As a matter of legal form the company is an entity established with a main purpose of raising funding for the Spark Group, including by issuing debt securities to the public, therefore it would be subject to anti-money laundering and financing of terrorism compliance obligations but for the exemption. However, as a matter of substance, the company is an administrative vehicle that the Spark Group uses for occasional issues of debt securities that are not in the ordinary course of the business of the Spark Group. The last time that the company issued debt securities to the public was in 2008. Having regard to the risk of money laundering and financing of terrorism, it is more appropriate to treat the company as a one-off or occasional issuer of debt for regulatory purposes than it would be to treat it as an entity that issues to the public in the ordinary course of business.
b. Given the frequency with which the company issues debt securities, the regulatory burden of requiring
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NZ Gazette 2015, No 126
✨ LLM interpretation of page content
🚂 Reappointments to the NZ Transport Agency Board
🚂 Transport & Communications11 November 2015
Reappointments, NZ Transport Agency, Board, Chair
- Chris Moller, Reappointed as member and chair of the NZ Transport Agency Board
- Mark Oldfield, Reappointed as member of the NZ Transport Agency Board
- Hon Simon Bridges, Minister of Transport
⚖️ Ministerial Exemptions Under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009
⚖️ Justice & Law EnforcementExemptions, Anti-Money Laundering, Countering Financing of Terrorism, Spark Finance Limited