Financial Markets Conduct Act 2013

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

33: Territorial scope of sections 19 to 23

You could also call this:

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

When you do something that might be misleading or deceptive, the rules in sections 19 to 23 apply if you do it in New Zealand. They also apply if you do it outside New Zealand, but you live, work, or have a business in New Zealand, and what you do affects someone in New Zealand who is dealing with financial products or services. You need to follow these rules if you are sending information to someone outside New Zealand and you live, work, or have a business in New Zealand. If someone breaks these rules, only the Financial Markets Authority can take action against them, even if the rules say someone else can take action. In this case, being "registered" means being registered under the Financial Service Providers (Registration and Dispute Resolution) Act 2008.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4090966.


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

33Territorial scope of sections 19 to 23

  1. Sections 19 to 23 apply to—

  2. conduct in New Zealand; and
    1. conduct outside New Zealand by any person resident, incorporated, registered, or carrying on business in New Zealand to the extent that that conduct relates to dealing in financial products, or the supply of a financial service, that occurs (in part or otherwise) within New Zealand.
      1. Sections 19 to 23 also apply to a restricted communication that is distributed or to be distributed to a person outside New Zealand by any person resident, incorporated, registered, or having a principal place of business in New Zealand.

      2. Despite anything to the contrary in Part 8, only the FMA may commence a proceeding or make an application under that Part in relation to conduct to which this Part applies by virtue of subsection (2).

      3. In this section, registered means registered under the Financial Service Providers (Registration and Dispute Resolution) Act 2008.

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