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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 - Tracing and disclosure of interests in listed issuers

289: FMA may require persons to disclose to market relevant interests and powers to acquire relevant interests

You could also call this:

"The FMA can ask you to tell everyone about your interests in certain financial products."

Illustration for Financial Markets Conduct Act 2013

The FMA can ask you to tell the market about the interests you have in certain financial products. This includes products from companies that are listed on the stock market. You might have to disclose the interests you already have, or the power you have to get more interests in the future.

You have to give this information after the FMA sends you a written notice, and you must do it as soon as possible. The FMA will consider the purpose of this part of the law, which is explained in section 273(1), when deciding whether to send you a notice.

When you get the notice, you must follow the rules in sections 280 and 281 to disclose the information. It does not matter what type of financial products you have, or whether they can be traded on the market or not.

To figure out if you have the power to get more interests, the FMA will use the rules in sections 235 to 238. These rules will help them decide if you have the power to acquire more interests in the future.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091421.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rulesBusiness > Fair trading
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288: Extended time for disclosure for trustees, executors, and administrators, or

"More time to share information if you're managing someone's estate or trust"

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290: Listed issuer may require registered holder or relevant interest holder to disclose relevant interests to it, or

"Companies can ask shareholders to reveal who else has a stake in the company"

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

289FMA may require persons to disclose to market relevant interests and powers to acquire relevant interests

  1. The FMA may, by written notice given after having regard to the purpose of this subpart in section 273(1), require a person to disclose all (or any class of)—

  2. relevant interests that the person has in financial products of a listed issuer; or
    1. powers that the person has or may at any time have to acquire a relevant interest in financial products of a listed issuer.

      1. Subsection (1) applies regardless of whether the financial products referred to in subsection (1)(a) and (b) are voting products or not, are quoted or non-quoted, or are issued or yet to be issued.

      2. The person must disclose the information required under subsection (1) in accordance with sections 280 and 281 as soon as practicable after the person receives the notice.

      3. Sections 235 to 238 apply in determining whether or not a person has a power referred to in subsection (1)(b) (and for this purpose every reference in those sections to a relevant interest must be read as including a reference to a power to acquire a relevant interest).

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