Plain language law

New Zealand law explained for everyone

Financial Markets Conduct Act 2013

Disclosure of offers of financial products - Procedure for making regulated offers - Expiry

84: Expiry

You could also call this:

"When a Product Disclosure Statement expires or stops being valid"

When you look at a Product Disclosure Statement, or PDS for short, it might have an expiry date. You need to check if the regulations say the PDS must have an expiry date. If it does have an expiry date, it must be on or before a certain time set by the rules. This time is called the prescribed period.

If a new PDS replaces an old one, the expiry date will be the same as the old one. You will see the same expiry date on both the new and old PDS. This means the expiry date does not change when a new PDS is made to replace an old one.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091037.

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83: Persons who must inform offeror about disclosure deficiencies, or

"People who must tell a company about mistakes in its investment information"

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85: How offeror must deal with applications on expiry, or

"What happens to your application when a financial product offer ends"

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

84Expiry

  1. A PDS must, if required by the regulations, specify its expiry date.

  2. The expiry date must not be later than the end of the prescribed period (if any).

  3. The expiry date of a replacement PDS must be the same as that of the original PDS it replaces.