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Financial Markets Conduct Act 2013

Dealing in financial products on markets - Disclosure of relevant interests in quoted financial products by directors and senior managers of listed issuers

302: Exemption for directors or senior managers who disclose substantial holdings

You could also call this:

"Directors and senior managers don't have to report some big share holdings if they already disclose them in another way."

Illustration for Financial Markets Conduct Act 2013

If you are a director or senior manager and you have a big share in a financial product that is publicly traded, you do not have to tell people about it under section 297 if you have to make a disclosure under section 276, 277, or 279 about your big share. You must be talking about the same share when you make this disclosure. You have to tell people about your share in the way that section 276, 277, or 279 says you should, and you have to say that you are a director or senior manager of the company that issued the financial product.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091446.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rulesBusiness > Fair trading
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301: Disclosure obligation applies for 6 months after ceasing to hold office, or

"Ex-directors and managers must follow rules for 6 months after leaving their job."

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303: Exemption for overseas listed issuers, or

"Some bosses of overseas companies don't have to tell people about buying or selling their company's financial products."

Part 5Dealing in financial products on markets
Disclosure of relevant interests in quoted financial products by directors and senior managers of listed issuers

302Exemption for directors or senior managers who disclose substantial holdings

  1. A director or senior manager who has, or who acquires or disposes of, a relevant interest in a quoted financial product does not have to disclose that fact under section 297 if—

  2. the director or senior manager must make a disclosure under section 276, 277, or 279 in relation to a substantial holding in the listed issuer of the financial product to which the relevant interest relates or related; and
    1. the disclosure under that section concerns the same relevant interest; and
      1. the director or senior manager discloses in accordance with that section; and
        1. it is stated in the disclosure made in accordance with that section that the director or senior manager is a director or senior manager of the listed issuer.

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