We issue product rulings only if both the following conditions are met:
The table below lists product rulings issued by year and number (BR Prd), with a brief description of the subject matter (earlier years will progressively be added).
Caution should be exercised when considering these product rulings:
Applicant: Industrial and Commercial Bank of China (New Zealand) Limited
This product ruling concerns a mortgage offset banking product that the Bank offers to those customers who take out a home loan.
Ruling applies from: 1 October 2018 to 30 September 2022
BR Prd 18/06 - PDF format (174kb | 5 pages)
Applicant: Harbour Fund III G.P. Limited
The Arrangement is the receipt by the Harbour Fund III Limited Partnership (the Fund) of proceeds under individual funding agreements that the Fund will enter into with litigation claimants in a proposed class action against Steel & Tube New Zealand Limited and/or Steel & Tube Holdings Limited (and possibly other steel manufacturing companies) under which the Fund will agree to pay all legal and other costs incurred by the claimants in return for a share of the proceeds.
Ruling applies from: 19 September 2018 to 18 September 2023
BR Prd 18/04 - PDF format (177kb | 8 pages)
Applicant: PGG Wrightson Limited
This ruling applies to the return of excess capital in PGG Wrightson Limited to its shareholders by way of an off-market, pro rata repurchase and cancellation of PGG Wrightson Limited shares, following the sale of PGG Wrightson Seeds Holdings Limited.
Ruling applies from: 30 October 2018 to 31 October 2021
BR Prd 18/05 - PDF format (109kb | 2 pages)
Applicant: Livestock Improvement Corporation Limited
This ruling covers the reclassification of two classes of shares (Co-operative Control Shares and Investment Shares) into a single, continuing class of shares (Ordinary Shares) listed on the New Zealand Alternative Market Exchange (NZAX).
Ruling applies from: 9 February 2018 to 31 March 2019
BR Prd 18/01 - PDF format (121 kb | 6 pages)
Applicant: Bank of New Zealand (BNZ)
This ruling applies to a BNZ product called TotalMoney, a package of accounts and loans offered to customers. TotalMoney allows customers to group or aggregate accounts for the purposes of either “pooling” or “offsetting” the account balances.
Ruling applies from: 1 April 2018 to 31 March 2022
BR Prd 18/03 - PDF format (172kb | 8 pages)
Applicant: Harbour Fund III GP Limited
The Arrangement is the receipt by the Harbour Fund III Limited Partnership of proceeds pursuant to individual funding agreements that the Fund will enter into with litigation claimants to a proposed class action against Carter Holt Harvey Limited and the other Carter Holt Harvey entities, under which the Fund will agree to pay all legal and other costs incurred by the Claimants, in return for a share of the Proceeds.
Ruling applies from: 15 February 2018 to 15 February 2021
BR Prd 18/02 - PDF format (116kb | 8 pages)