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Financial Markets Conduct Act 2013

Governance of financial products - Governance of debt securities - Role of supervisor

116: Issuer must report contravention or possible contravention of issuer obligations

You could also call this:

"Companies must report if they break or might break rules to the supervisor."

Illustration for Financial Markets Conduct Act 2013

If you issue debt securities and you think you might have broken or might break some rules, you must tell the supervisor. You have to do this as soon as you can. When you tell the supervisor, you also have to say what you have done or plan to do to fix the problem and when you did it or will do it.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091095.

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115: Duty of issuer to provide requested information and reports to supervisor, or

"Companies must give supervisors the information and reports they ask for to help them do their job."

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117: Restriction on use of reports on contraventions, or

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Part 4Governance of financial products
Governance of debt securities: Role of supervisor

116Issuer must report contravention or possible contravention of issuer obligations

  1. If an issuer of a debt security has reasonable grounds to believe that it has contravened, may have contravened, or is likely to contravene any of its issuer obligations in a material respect, the issuer must, as soon as practicable,—

  2. report the contravention or possible contravention to the supervisor; and
    1. advise the supervisor of the steps (if any) that the issuer has taken or intends to take in light of the contravention or possible contravention and the date by which the steps were taken or are to be taken.