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Summary of

Securities Act (Superannuation Schemes - Summary of Financial Statements) Exemption Amendment Notice 2005

2005/3

Gazetted on 27 January 2005

Effects of the exemption
Superannuation schemes can continue to rely on the exemption in the Securities Act (Superannuation Schemes - Summary of Financial Statements) Exemption Notice 1998 (the 'principal notice') until 30 June 2006.

The principal notice exempts superannuation trustees, subject to conditions, from clause 5(3)(a)(iii) of Schedule 3C of the Securities Regulations 1983. This clause requires the summary financial statement in a registered prospectus for a superannuation scheme to distinguish between realised and unrealised changes in value of investments. The principal notice enables superannuation trustees to state instead the aggregate change in value of investments, in line with Financial Reporting Standard 32.

Background
The principal notice was introduced to achieve consistency with Financial Reporting Standard 32, after this was changed to remove the requirement to distinguish between realised and unrealised changes in value of investments.

The Securities Regulations 1983 are currently being reviewed, and it is intended that this inconsistency between the Regulations and Financial Reporting Standards will be resolved as part of that review.

The exemption
The expiry date of the principal notice is extended from 31 January 2005 to 30 June 2006.

Reasons
The Securities Commission considers it is appropriate to extend the term of the principal notice so that superannuation scheme trustees that offer interests in superannuation schemes to the public can continue to rely on the exemption in the principal notice. The principal notice addresses an inconsistency between clause 5(3)(a)(iii) of Schedule 3C of the Securities Regulations 1983 and Financial Reporting Standard 32 (with which registered superannuation schemes must comply under the Superannuation Schemes Act 1989). This inconsistency is intended to be resolved in a review of the Securities Regulations 1983.