Public Authorities (Financial Arrangements) Act 1987 Regulation relating to investment powers of certain authorities with funds managers (1995-188) [GG No 60 of 19.5.1995] (NSW)

1995—No. 188

PUBLIC AUTHORITIES (FINANCIAL ARRANGEMENT

ACT 1987—REGULATION

(Relating to investment powers of certain authorities with funds managers)

NEW SOUTH WALES

[Published in Gazette No. 60 of 19 May 1995]

HIS Excellency the Governor, with the advice of the Executive Council, and on the recommendation of the Treasurer and the Minister for each of the authorities concerned, and in pursuance of the Public Authorities (Financial Arrangements) Act 1987, has been pleased to make the Regulation set forth hereunder.

Michael Egan

Treasurer.

The Public Authorities (Financial Arrangements) Investment Powers

Regulation 1990 is amended:

(a) by inserting in Schedule 1 at the end of the entry relating to the Trustees of the Parliamentary Contributory Superannuation Fund, the entry relating to the Public Sector Executives Superannuation Board and the entry relating to the State Authorities

Superannuation Board, the words “(except in respect of any funds for which an approved funds manager is engaged by the authority as referred to in section 25 of the Act to act in relation to the management of those funds)”;

(b) by inserting each of the following entries in Schedule 4 in alphabetical order:

Trustees of the Parliamentary Contributory Superannuation Fund, in respect of any funds for which an approved funds manager is engaged by the authority as referred to in

section 25 of the Act to act in relation to the management
of those funds.

1995—No. 188

Public Sector Executives Superannuation Board, in respect of any funds for which an approved funds manager is engaged by the authority as referred to in section 25 of the Act to act in relation to the management of those funds. State Authorities Superannuation Board, in respect of any funds for which an approved funds manager is engaged by the authority as referred to in section 25 of the Act to act in relation to the management of those funds.

EXPLANATORY NOTE

The Public Authorities (Financial Arrangements) Act 1987 provides for regulations to be made that declare a public authority to have certain investment powers. The Act provides for 4 different categories of investment powers, with category 1 having the most restricted powers of investment through to category 4 with the broadest powers of investment. Currently the Trustees of the Parliamentary Contributory Superannuation Fund, the Public Sector Executives Superannuation Board and the State Authorities Superannuation Board are public authorities that are declared by the regulations to have category 1 investment powers.

This regulation declares those authorities to have category 4 investment powers if

they have engaged funds managers under section 25 of the Act to act in relation to the investment of their funds. The regulation is made under the Public Authorities (Financial Arrangements) Act 1987, including sections 43 (the general regulation making power) and 24 (Investment powers of authorities).