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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

279: Persons must disclose if cease to have substantial holding

You could also call this:

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

Illustration for Financial Markets Conduct Act 2013

If you have a substantial holding in a listed issuer and you stop having it, you must tell others about it. You must do this in the way set out in sections 280 and 281. You have to give this information as soon as you know, or should know, that you no longer have a substantial holding.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091406.

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Business > Industry rulesBusiness > Fair tradingMoney and consumer rights > Banking and loans
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278: Substantial product holders must disclose if subsequent changes in nature of relevant interests, or

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

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280: What disclosure required, or

"Telling others about your big investments: what you must disclose"

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

279Persons must disclose if cease to have substantial holding

  1. A person who ceases to have a substantial holding (or any of the person's substantial holdings) in a listed issuer must disclose that fact in accordance with sections 280 and 281.

  2. The disclosure must be given as soon as the person knows, or ought reasonably to know, that the person has ceased to have a substantial holding.

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