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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

294: No liability for publication of substantial holdings

You could also call this:

"You're not in trouble if you share wrong information by mistake, as long as you didn't know it was wrong."

Illustration for Financial Markets Conduct Act 2013

If you are a listed issuer, you are not liable for false or misleading information made available under section 293 if you got the information from this subpart and you did not know it was false or misleading. You must not have known the information was wrong for you to not be liable. This means you are protected if you did not intentionally provide incorrect information.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091432.

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293: Listed issuers must make available information on substantial holdings, or

"Public companies must share information about their major shareholders."

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295: Notice under this subpart not to affect incorporation of listed issuer or constitute notice of trust, or

"Following these rules doesn't change how your company was set up or mean you know about others' financial rights."

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

294No liability for publication of substantial holdings

  1. No listed issuer is liable for any false or misleading information made available under section 293 if the information was derived by the issuer under this subpart and the issuer did not know that the information was false or misleading.

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