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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

285: Exemption for corporate trustees and nominee companies

You could also call this:

"Some companies don't have to follow certain finance rules if they're working for someone else."

Illustration for Financial Markets Conduct Act 2013

You do not have to follow some rules in the Financial Markets Conduct Act 2013 if you are a corporate trustee or a nominee company. This means you do not have to comply with sections 276 to 279 when you have a substantial holding in a listed issuer because you are acting for someone else as part of your business. You must tell the FMA in writing that you want to be exempt from these rules, and you cannot have been declared by the FMA as someone who is not exempt. You can find more information about the rules you have to follow in the Financial Markets Conduct Act 2013, specifically in sections 276 to 279. The FMA can also declare that you are not exempt from these rules under section 562(1)(i), and if this happens, you will have to follow the rules again.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091414.

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

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286: Conditions of 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

285Exemption for corporate trustees and nominee companies

  1. A person (A) need not comply with any of sections 276 to 279 in relation to 1 or more substantial holdings in 1 or more listed issuers if—

  2. A has that substantial holding merely because A acts for another person in the ordinary course of business as a corporate trustee or a nominee company; and
    1. A has opted in to this exemption by written notice to the FMA (and not withdrawn the notice by further written notice to the FMA).

      1. Subsection (1) does not apply if A is currently declared by the FMA, by notice under section 562(1)(i), to be a person that is not exempt under this section.

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