Listed Companies providing services in the course of non-financial business

Date Made

Date signed: 2013-06-30

Sectors

Financial Institution (general)

Enacting statement

In accordance with section 159(3) of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 ("AML/CFT Act"), the Minister of Justice hereby gives notice that she has granted the following exemptions from the AML/CFT Act:

Ministerial Exemption: Listed Companies Providing Services in the Course of a Non-finance Business

Commencement date

This exemption comes into force on 2013-06-30

End date

This exemption will expire on 2018-06-30

Exemption

As the Minister of Justice and pursuant to section 157 of the AML/CFT Act, I exempt the listed companies from all provisions of the AML/CFT Act where a listed company carries out a relevant service in respect of a share purchase scheme or an employee share purchase scheme in the ordinary course of a non-finance business.

Conditions

  

Statement of reasons

This exemption is made subject to the following criteria:

1. 1. employee share purchase scheme means a scheme established by a listed company under which employees of the listed company may acquire specified equity securities issued by the listed company:
      
      1. where the purchase of those specified equity securities is funded by way of deductions from employees wages or salaries.
   2. listed company means:
      
      1. a company that is party to a listing agreement with NZX Limited; or
      2. NZX Limited.
   3. non-finance business means a business the principal activity of which is the provision of goods or services that are not relevant services.
   4. relevant service means services provided by the financial institution in the course of carrying out a financial activity.
   5. share purchase scheme means a scheme established by a listed company under which existing shareholders in that listed company may acquire specified equity securities issued by the listed company:
      
      1. through the purchase of specified equity securities in the listed company; and
      2. where the purchase of those specified equity securities is not funded by means of cash payments from shareholders
   6. specified equity security means a share in a listed company, or any interest in or right to a share in a listed company, that is offered under the listed company's employee share purchase scheme, or share purchase scheme.

Contact

Any person wishing to provide comment on this notice should contact the Anti-Money Laundering and Countering Financing of Terrorism Team at the Ministry of Justice by emailing amlcft.exemptions@justice.govt.nz