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Financial Markets Conduct Act 2013

Disclosure of offers of financial products - Procedure for making regulated offers - Other provisions relating to lodging of PDS and other documents

68: FMA may remove restrictions if its consideration complete or consideration or further consideration unnecessary

You could also call this:

"The FMA can lift some rules if it's finished checking or doesn't need to check something."

The Financial Markets Authority (FMA) can remove some restrictions if it has finished considering something or if it does not need to consider it. You can find out more about what the FMA considers in section 64. The FMA might decide that it does not need to consider something because it is unnecessary in certain circumstances.

If the FMA is satisfied with its consideration, it can give notice to the person making an offer that some rules do not apply or apply for a shorter time. This notice can say that the time period in section 65 ends earlier than usual or that section 65 does not apply at all.

The FMA can still grant exemptions from some rules, as stated in subpart 2 of Part 9, which allows exemptions from section 65.

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67: Waiting period restriction does not prevent offeror from acting under another PDS, or

"You can still use another document for a financial product if one document has a waiting period."

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69: Waiting period does not usually apply to continuous issue PDSs, or

"No waiting time for some financial product information"

Part 3Disclosure of offers of financial products
Procedure for making regulated offers: Other provisions relating to lodging of PDS and other documents

68FMA may remove restrictions if its consideration complete or consideration or further consideration unnecessary

  1. This section applies if the FMA is satisfied that—

  2. its consideration as referred to in section 64 is complete; or
    1. consideration as referred to in section 64 is, in the circumstances, unnecessary.

      1. The FMA may give notice to the offeror that—

      2. the period that applies under section 65 ends at a particular time specified by the FMA (being an earlier time than that provided for under that section); or
        1. section 65 does not apply in respect of the PDS.

          1. Nothing in this section limits subpart 2 of Part 9 (which allows the FMA to grant exemptions in respect of compliance with section 65).

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