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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

287: Exemption for persons under control or acting jointly with corporate trustees and nominee companies

You could also call this:

"Some rules don't apply to you if a company you're connected to doesn't have to follow them"

Illustration for Financial Markets Conduct Act 2013

You do not have to follow some rules in the Financial Markets Conduct Act 2013 if you have a big share in a company because of something a corporate trustee or nominee company has. This applies if the corporate trustee or nominee company does not have to follow those rules for that share. You have the share because of something the corporate trustee or nominee company has under section 237, and they are exempt from the rules under section 285. The rules you do not have to follow are in sections 276 to 279.

You still have to follow the rules if the Financial Markets Authority says you are not exempt. They can say this by giving you a notice under section 562(1)(i). This means you have to follow the rules even if you would not normally 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=DLM4091418.

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286: Conditions of exemption for corporate trustees and nominee companies, or

"Rules for companies that look after other people's investments"

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288: Extended time for disclosure for trustees, executors, and administrators, or

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

287Exemption for persons under control or acting jointly with 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 A has the substantial holding merely because A has, under section 237, the relevant interests in financial products that a corporate trustee or a nominee company that is exempt in relation to that substantial holding under section 285 has.

  2. 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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