Plain language law

New Zealand law explained for everyone

Financial Markets Conduct Act 2013

Preliminary provisions - General application provision

16: Application of Act

You could also call this:

"This law's rules are important and must be followed, even if other agreements say otherwise."

This Act is important and its rules apply even if other laws or agreements say something different. You must follow the rules in this Act, and you cannot agree to ignore them. If you make an agreement that says you do not have to follow the rules in this Act, that part of the agreement is not valid.

The rules in this Act also mean that you cannot be forced to say you know about something that is not clearly stated in a disclosure document. You have the right to know what you are agreeing to, and you should not be taken advantage of.

This Act does not limit the rules in the Contract and Commercial Law Act 2017 about illegal contracts, which is a law that says what happens when a contract is against the law.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4090946.

Topics:
Money and consumer rights > Banking and loansMoney and consumer rights > Consumer protectionBusiness > Industry rulesBusiness > Fair trading
Previous

15: Act binds the Crown, or

"The government must follow this law too"

Next

17: Overview, or

"Introduction to fair financial dealing rules"

Part 1Preliminary provisions
General application provision

16Application of Act

  1. The provisions of this Act have effect despite anything to the contrary in any other enactment or in any agreement, deed, application, disclosure document, or advertisement.

  2. A provision of an agreement or a deed is void if it provides that a party to the agreement or deed is—

  3. required or bound to waive compliance with any requirement of this Act or the regulations; or
    1. taken to have notice of any agreement, document, or matter not specifically referred to in the relevant disclosure document (if any).

      1. Nothing in this section or in any other provision of this Act or the regulations limits subpart 5 of Part 2 of the Contract and Commercial Law Act 2017 (which relates to illegal contracts).

      Notes
      • Section 16(3): amended, on , by section 347 of the Contract and Commercial Law Act 2017 (2017 No 5).