Financial Markets Conduct Act 2013

Disclosure of offers of financial products - Procedure for making regulated offers - Disclosure to investors

51: Certain situations in which section 50 does not need to be complied with

You could also call this:

"When you don't need to follow the usual rules for giving information about financial products"

You do not have to follow section 50 when you offer financial products to someone if they already have a Product Disclosure Statement that has all the information that section 50 requires. You can also skip following section 50 if you believe the person already has the information they need. There are other situations where you do not have to follow section 50, and these are set out in the rules.

When checking if the person already has the information, you can ignore small differences between the information they have and what section 50 requires. This means that if the information is mostly the same, you do not have to give them another Product Disclosure Statement. You can find more details about this in section 50, which you can read by following the link to section 50.

If you are offering financial products, you should be aware of these rules so you know when you have to follow section 50 and when you do not. You need to make sure you are following the right rules when you are offering financial products to people. The rules are in place to help you and the people you are offering financial products to.

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This page was last updated on 15 July 2025

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4090988.

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50: PDS must be given if offer requires disclosure, or

"Get a PDS document before buying financial products if the seller needs to tell you more about them"

52: PDS treated as having been given if application form used was included in, or accompanied by, PDS, or

"You're considered to have got the product info if the application form came with it"

Part 3Disclosure of offers of financial products
Procedure for making regulated offers: Disclosure to investors

51Certain situations in which section 50 does not need to be complied with

An offeror does not have to comply with section 50 in respect of an offer of financial products to a person (A)—
if A has already been given a PDS (for the same or a different offer) that contains all of the information that the PDS referred to in section 50 would be required to contain; or
if the offeror believes on reasonable grounds that paragraph (a) applies; or
in any other prescribed circumstances.

For the purposes of subsection (1)(a), immaterial differences in the information that is contained in the PDS that has been given to A and the PDS referred to in section 50 may be disregarded.