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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

70: No guarantee or representation as to compliance

You could also call this:

"No guarantee that financial documents are correct or follow the law"

When you look at documents like a Product Disclosure Statement, you should know that just because they are accepted by the Registrar or the Financial Markets Authority, it does not mean they are correct. The Registrar or the Financial Markets Authority checking these documents does not guarantee they comply with the law or are accurate. They do not check if the documents are false or misleading.

If the Financial Markets Authority looks at a document, it does not mean they have checked if it complies with the law or contains mistakes. This section of the law does not affect the protection from liability that the Financial Markets Authority has under section 22 of the Financial Markets Authority Act 2011. You can still find protection from liability for the Financial Markets Authority and its members and employees under this law.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091018.

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

"No waiting time for some financial product information"

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71: When supplementary document or replacement PDS may be lodged, or

"When you can update or fix the information in a PDS document"

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

70No guarantee or representation as to compliance

  1. Nothing done or omitted to be done under this Act or the regulations by the Registrar or the FMA guarantees or represents that—

  2. a PDS, register entry, or governing document—
    1. complies with this Act and the regulations:
      1. does not contain any material misdescription or material error or any material matter that is not clearly legible:
        1. is not false or misleading:
        2. the FMA has considered a PDS, register entry, or governing document with a view to determining whether it—
          1. complies with this Act and the regulations:
            1. contains any material misdescription or material error or any material matter that is not clearly legible:
              1. is false or misleading.

              2. This section does not limit section 22 of the Financial Markets Authority Act 2011 (which provides protection from liability for the FMA and its members and employees).

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