The Securities Act (Group Investment Funds) Exemption Notice 2001 (the GIF Notice) came into force on 14 December 2001.

The GIF Notice replaces the Securities Act (Trustee Companies) Exemption Notice 1997 (as amended). It will apply to offers of units in group investment funds made after 31 March 2002. Offers under a prospectus registered on or before the 31 March 2002, including any extension period under section 37A(1A), may continue to be offered subject to the Trustee Companies Notice until the registered prospectus expires.

The important difference between the GIF Notice and the Trustee Companies Notice is that the GIF Notice requires a deed of participation and the appointment of a statutory supervisor for all group investment funds.
The GIF Notice still provides exemptions from the requirement to obtain a written authorisation from the subscriber before a security is allotted and exemptions from other requirements regarding the keeping of registers and the issuing of certificates. Also, the requirement in the Trustee Companies Notice that the interim financial statements accompanying a director's certificate under section 37A(1A) of the Act be audited has not been carried forward.

The Securities Act (Group Investment Funds) Exemption Notice 2001 Amendment Notice 2002 provides the same exemptions as the GIF Notice but has the effect of giving Public Trust the same exemptions for its group investment funds as from 1 March 2002, the date on which Public Trust was established as a Crown entity.

This is a general summary only and should not be taken as a substitute for specific advice.

For further information please contact Veronique Vervoort, solicitor
Email: veronique.vervoort@phillipsfox.com

Web site: Phillips Fox