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CORPORATIONS AMENDMENT (COMPENSATION ARRANGEMENTS) REGULATION 2013 (SLI NO 190 OF 2013) - SCHEDULE 1

Amendments

   

Corporations Regulations 2001

1  Regulation 8.2.04 (table item 1)

Omit "New Zealand Registrar of Companies", substitute "Registrar of Financial Service Providers of New Zealand".

2  Regulation 8.2.04 (table item 2)

Omit "New Zealand Securities Commission", substitute "Financial Markets Authority of New Zealand".

3  Item 6 of Schedule 8C (heading)

Omit " Subsection ", substitute " After subsection ".

4  Item 6 of Schedule 8C

Omit "substitute", substitute "Insert:".

5  Item 6 of Schedule 8C

Omit "(2) If", substitute "(2A) Despite subsection (2), if".

6  At the end of item 6 of Schedule 8C

Add:

          (2B)  Despite subsection (2), if:

                     (a)  the requirements of subsection 885C(1) are satisfied in relation to a participant and a financial market; and

                     (b)  the loss is also connected (see section 888A) with a financial market to which Division 4 applies; and

                     (c)  the person did not (expressly or impliedly) instruct the participant to use a particular one of those markets; and

                     (d)  it is not reasonably apparent from the usual business practice of the participant which of those markets the participant would use when acting for the person; and

                     (e)  the loss is connected with a transaction effected through a financial market to which Division 3 applies; and

                      (f)  a claim cannot be made, or has been disallowed, under Division 4 (see subsection 888A(1));

the loss is taken to be a Division 3 loss and not to be a loss that is connected with a financial market to which Division 4 applies.



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