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Financial Markets Conduct Act 2013

Dealing in financial products on markets - Disclosure of interests of substantial product holders in listed issuers - Substantial holding disclosure obligations

278: Substantial product holders must disclose if subsequent changes in nature of relevant interests

You could also call this:

"Big company shareholders must tell others about changes in their company interests"

Illustration for Financial Markets Conduct Act 2013

If you have a big stake in a company listed on the stock market, you must tell people about any changes in the type of interest you have in that company. You do this by following the rules set out in sections 280 and 281. You need to do this as soon as you find out about the change, or when you should have known about it.

You have to disclose this information so that others are aware of your updated interests in the company. This is an important part of being a substantial product holder in a listed issuer.

When disclosing the change, you must do it in the way outlined in the mentioned sections, which can be found by visiting the links to sections 280 and 281.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091405.

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277: Substantial product holders must disclose if subsequent movement of 1% or more in holdings, or

"Big shareholders must disclose share changes of 1% or more"

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279: Persons must disclose if cease to have substantial holding, or

"You must tell others if you stop owning a big share of a company."

Part 5Dealing in financial products on markets
Disclosure of interests of substantial product holders in listed issuers: Substantial holding disclosure obligations

278Substantial product holders must disclose if subsequent changes in nature of relevant interests

  1. A substantial product holder in a listed issuer must disclose, in accordance with sections 280 and 281, any change in the nature of any relevant interest in the substantial holding.

  2. The disclosure must be given as soon as the person knows, or ought reasonably to know, of the change.

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