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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 - Exemptions

284: Exemption for persons with interest in other substantial product holders who comply

You could also call this:

"No rules for you if someone else already follows them for the same company."

Illustration for Financial Markets Conduct Act 2013

You do not have to follow certain rules if you have a substantial holding in a company that is listed on the stock exchange. This is because another person is already following those rules for the same company. You have this holding for a reason, such as you have control over another company or you are related to that company, as explained in section 237.

You can have this control in a few ways, like being able to vote for 20% or more of the company's products, or being able to buy or sell 20% or more of the company's products. You might also have this holding because you and the other company are related in some way. If someone else is already following the rules in sections 276 to 279 for the same company, then you do not have to.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091411.

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285: Exemption for corporate trustees and nominee companies, or

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Part 5Dealing in financial products on markets
Disclosure of interests of substantial product holders in listed issuers: Exemptions

284Exemption for persons with interest in other substantial product holders who comply

  1. A person (A) need not comply with any of sections 276 to 279 in relation to a substantial holding in a listed issuer if—

  2. another person (B) is required to comply, and does comply, with that section in relation to the same listed issuer; and
    1. A has that substantial holding merely for 1 or more of the following reasons:
      1. A has a power to exercise, or control the exercise of, the right to vote attached to 20% or more of the voting products of B (see section 237(b)):
        1. A has a power to acquire or dispose of, or control the acquisition or disposition of, 20% or more of the voting products of B (see section 237(c)):
          1. A and B are related bodies corporate (see section 237(d)).

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