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New Zealand law explained for everyone

Financial Markets Conduct Act 2013

Fair dealing - Misleading or deceptive conduct, false or misleading representations, and unsubstantiated representations

32: Other exceptions

You could also call this:

"When other laws already apply, some rules don't count"

If you are involved in a takeover offer for financial products under the Takeovers Code, sections 19 to 23 do not apply to your conduct. This is because your conduct is already regulated by the Takeovers Code, the Takeovers Act 1993, or an exemption granted under that Act. You are still subject to the rules of these regulations.

If a company is acquiring or redeeming its own shares under the Companies Act 1993, sections 19 to 23 do not apply to this conduct. The company's actions are regulated by the Companies Act 1993, so you must follow the rules of that Act. This means you do not have to worry about sections 19 to 23 in this situation.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4090965.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rulesBusiness > Fair trading
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31: Licensed market operator does not contravene by notifying disclosures, or

"Telling people about disclosures doesn't break the law for licensed market operators."

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33: Territorial scope of sections 19 to 23, or

"Rules for being honest with people about money apply in New Zealand and sometimes overseas too"

Part 2Fair dealing
Misleading or deceptive conduct, false or misleading representations, and unsubstantiated representations

32Other exceptions

  1. Sections 19 to 23 do not apply to conduct in relation to a takeover offer for financial products under the Takeovers Code or to conduct under that offer to the extent that the conduct is regulated by the Takeovers Code, the Takeovers Act 1993, or an exemption granted under that Act.

  2. Sections 19 to 23 do not apply to conduct in relation to the acquisition or redemption by a company of its shares under the Companies Act 1993 to the extent that the conduct is regulated by that Act.

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