Matrix Investment Services Limited

Date Made

Date signed: 2013-09-08

Sectors

Managed investment scheme (MIS) managers

Enacting statement

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

Ministerial Exemption: Matrix Investment Services Limited

Commencement date

This exemption comes into force on 2013-09-08

End date

This exemption will expire on 2018-06-30

Exemption

As the Minister of Justice, and pursuant to section 157 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 ("the Act"), I exempt Matrix Investment Services Limited (MISL) from Part 2 of the Act in respect of its activities as manager of the Totara First Mortgage Fund ("Fund").

Conditions

This exemption is subject to the following conditions:

1. 1. The Fund cannot be re-opened for investment to the general public; and
   2. that MISL continues to work towards a managed wind-down.

Statement of reasons

This exemption has been made for the following reasons:

1. 1. The risk of money laundering is low;
   2. no new investment money has come into the Fund since 2008;
   3. repayments are made to investors by direct credit as realisation proceeds become available;
   4. there is no longer any ability to reinvest with MISL or its related parties; and
   5. money is not coming in or out of the Fund in a manner that would create money laundering risk.

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