Wednesday 20 March 2013

New Zealander's prevented from knowing where their money as debt comes from!

New Zealander's prevented from knowing where their currency as debt comes from! New Zealander's can ask under the official information act who are the wholesale credit liquidity providers the country deals with - but you will not be told!
The below exemption used to appear in the securities exemption section of the Securities Commission website but has since been replaced by the Financial Markets Authority which no longer has an obvious exemption section but the exemptions can be found by typing 'exemptions' in the page search box!

Secrecy By Securities Commission Exemptions at the Sovereign Debt Level

http://www.legislation.govt.nz/regulation/public/2009/0224/latest/DLM2303519.html
Securities Act (Crown Wholesale Debt Securities) Exemption Notice 2004
2004/264
Gazetted on 26 August 2004
Expires on 31 August 2009
(expires 31-8-2014)
Effects of the exemption
Investment statements for debt securities originally allotted by the Crown and onsold to the public will contain information about the Crown as the issuer of the securities, but will not be required to contain information about the wholesale investors offering the securities.
Before subscription, investors will be given the name and contact details of the offeror, and information about where and to whom payments are to be made. The investment statement will state that this information will be provided to investors before subscription.
Background
The Crown offers debt securities such as New Zealand Government Bonds on a regular basis to wholesale investors, who then sell these to the public on the secondary market. The Crown is solely responsible for repayment of principal and interest in relation to these securities. The Crown provides investment statements for the wholesale investors to provide to retail investors. This exemption replaces the Securities Act (Crown Wholesale Debt Securities) Exemption Notice 1999 which expired on 31 August 2004

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