Securities Transfer (Approval of FASTER System) Order 2001
Reprint
as at 1 December 2014
Securities Transfer (Approval of FASTER System) Order 2001
(SR 2001/238)
Silvia Cartwright, Governor-General
Order in Council
At Wellington this 10th day of September 2001
Present:
Her Excellency the Governor-General in Council
Note
Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.
Note 4 at the end of this reprint provides a list of the amendments incorporated.
This order is administered by the Ministry of Business, Innovation, and Employment.
Pursuant to section 7 of the Securities Transfer Act 1991, Her Excellency the Governor-General, acting on the advice and with the consent of the Executive Council and on the advice of the Minister of Commerce given in accordance with a recommendation of the Securities Commission, makes the following order.
Order
1 Title
This order is the Securities Transfer (Approval of FASTER System) Order 2001.
2 Commencement
This order comes into force on 12 October 2001.
3 Interpretation
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In this order, unless the context otherwise requires, terms and expressions have the same meaning as in the Financial Markets Conduct Act 2013.
Clause 3: amended, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
4 Approval of system for electronic transfer of financial products
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The system controlled by the vesting entity (within the meaning of section 4 of the New Zealand Stock Exchange Restructuring Act 2001) and known as the FASTER system, the essential requirements of which are described in the Schedule, is approved for the transfer of financial products to which subpart 9 of Part 5 of the Financial Markets Conduct Act 2013 applies.
Clause 4 heading: amended, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
Clause 4: amended, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
Clause 4: amended, on 31 December 2002, by section 18(3) of the New Zealand Stock Exchange Restructuring Act 2002 (2002 No 1 (P)).
5 Revocation
The Securities Transfer (Approval of FASTER System) Order 1998 (1998/83) is revoked.
Schedule |
1 Interpretation
For the purposes of the following description of the FASTER system,—
buyer includes a transferee who acquires securities without consideration
Exchange means the vesting entity (within the meaning of section 4 of the New Zealand Stock Exchange Restructuring Act 2001)
FASTER transfer account means an account in the name of a participant or its nominee that records securities of public issuers that are held for transfer through the FASTER system and are either—
(a) held by the participant on behalf of the seller or buyer of the securities; or
(b) held by the participant in its own right
FIN means the FASTER Identification Number issued to a holder of securities by the public issuer of the securities
participant means a person or body (whether corporate or unincorporate) authorised by the Exchange to effect the electronic transfer of securities through the FASTER system
public issuer means a person or body (whether corporate or unincorporate) that is a party with the Exchange to—
(a) a listing agreement; or
(b) a securities transfer services agreement
public issuer’s register means a register of a class of securities maintained by a public issuer
securities means financial products to which subpart 9 of Part 5 of the Financial Markets Conduct Act 2013 applies that are—
(a) quoted by the Exchange; and
(b) approved by the Exchange for transfer through the FASTER system
securities holder’s statement means a statement issued to a holder of securities by a public issuer that includes the following details:
(a) that person’s securities holder number; and
(b) the name of the public issuer; and
(c) the number of securities held by that person; and
(d) the class of securities held by that person
securities transfer services agreement means an agreement between the Exchange and a public issuer under which the public issuer agrees to the use of the FASTER system to transfer the public issuer’s securities or a class of them
seller includes a transferor disposing of securities without consideration
sharebroker authorised by the Exchange means a sharebroker authorised to undertake activities on the Exchange acting in the ordinary course of business as such; and includes an officer, employee, or agent of the sharebroker.
Schedule clause 1 Exchange: amended, on 31 December 2002, by section 18(3) of the New Zealand Stock Exchange Restructuring Act 2002 (2002 No 1 (P)).
Schedule clause 1 member of the Exchange: revoked, on 31 December 2002, by section 18(3) of the New Zealand Stock Exchange Restructuring Act 2002 (2002 No 1 (P)).
Schedule clause 1 securities: amended, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
Schedule clause 1 sharebroker authorised by the Exchange: added, on 31 December 2002, by section 18(3) of the New Zealand Stock Exchange Restructuring Act 2002 (2002 No 1 (P)).
2 System description
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The FASTER system is controlled by the Exchange and is used to effect the electronic transfer of securities from a seller to a buyer. The essential requirements of the FASTER system are—
(a) the provision by a public issuer of a FIN to all securities holders who are not participants. A FIN may be varied from time to time by the public issuer:
(b) if the seller is a participant, an electronic entry into the computer system controlling the public issuer’s register indicating that the securities are held in the seller’s FASTER transfer account:
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(c) if the seller is not a participant, an electronic entry into the computer system controlling the public issuer’s register effected by a participant who is a sharebroker authorised by the Exchange—
(i) entering the information described in paragraph (d) into the FASTER computer link system between the participant, the Exchange, and the public issuer; and
(ii) deleting the seller’s name as the registered holder of the securities; and either
(iii) entering the participant’s name as the registered holder of the securities, together with an indication that the securities are held in the participant’s FASTER transfer account; or
(iv) entering the name of the FASTER transfer account of the participant as the registered holder of the securities:
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(d) the information referred to in paragraph (c)(i) is—
(i) the seller’s securities holder number; and
(ii) the seller’s FIN; and
(iii) the name of the public issuer of the securities being transferred; and
(iv) the number of securities being transferred; and
(v) any other information required by the Exchange:
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(e) an electronic entry into the computer system controlling the public issuer’s register effected by the seller if the seller is a participant or effected by a participant who is a sharebroker authorised by the Exchange acting on behalf of the seller if the seller is not a participant,—
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(i) deleting the name of the registered holder of the securities, being—
(A) the name of the seller; or
(B) the name of a participant acting on behalf of the seller; or
(C) the name of the FASTER transfer account of a participant acting on behalf of the seller; and either
(ii) entering the buyer’s name as the registered holder of the securities; or
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(iii) entering, as the registered holder of the securities,—
(A) the name of a participant who is a sharebroker authorised by the Exchange and who is acting on behalf of the buyer, together with an indication that the securities are held in the participant’s FASTER transfer account; or
(B) the name of the FASTER transfer account of the participant:
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(f) if an entry is made under paragraph (e)(iii), an electronic entry into the computer system controlling the public issuer’s register effected by a participant who is a sharebroker authorised by the Exchange and who is acting on behalf of the buyer—
(i) deleting, as the registered holder of the securities, the name of the participant or the name of the participant’s FASTER transfer account, as the case may be; and
(ii) entering the buyer’s name as the registered holder of the securities:
(g) the public issuer forwarding a securities holder’s statement to the buyer within 7 days after the transfer, or on the request of a securities holder if that securities holder has not received a securities holder’s statement within the last 6 months.
Schedule clause 2(c): amended, on 31 December 2002, by section 18(3) of the New Zealand Stock Exchange Restructuring Act 2002 (2002 No 1 (P)).
Schedule clause 2(e): amended, on 31 December 2002, by section 18(3) of the New Zealand Stock Exchange Restructuring Act 2002 (2002 No 1 (P)).
Schedule clause 2(e)(iii)(A): amended, on 31 December 2002, by section 18(3) of the New Zealand Stock Exchange Restructuring Act 2002 (2002 No 1 (P)).
Schedule clause 2(f): amended, on 31 December 2002, by section 18(3) of the New Zealand Stock Exchange Restructuring Act 2002 (2002 No 1 (P)).
Marie Shroff,
Clerk of the Executive Council.
Date of notification in Gazette: 13 September 2001.
Reprints notes
1 General
This is a reprint of the Securities Transfer (Approval of FASTER System) Order 2001 that incorporates all the amendments to that order as at the date of the last amendment to it.
2 Legal status
Reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by any amendments to that enactment. Section 18 of the Legislation Act 2012 provides that this reprint, published in electronic form, has the status of an official version under section 17 of that Act. A printed version of the reprint produced directly from this official electronic version also has official status.
3 Editorial and format changes
Editorial and format changes to reprints are made using the powers under sections 24 to 26 of the Legislation Act 2012. See also http://www.pco.parliament.govt.nz/editorial-conventions/
.
4 Amendments incorporated in this reprint
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Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70): section 150
New Zealand Stock Exchange Restructuring Act 2002 (2002 No 1 (P)): section 18(3)