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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

307: Offences relating to interests register

You could also call this:

"Breaking rules about sharing information on company ownership can lead to a big fine."

Illustration for Financial Markets Conduct Act 2013

If you are a listed issuer and you break the rules in section 304(1) to (3) or section 305, you commit an offence. You can be fined up to $50,000 if you are convicted. This is because you must follow these rules when dealing with financial products on markets.

If you are a listed issuer and someone asks for a copy of, or an extract from, an interests register under section 306, you must provide it. If you do not, you commit an offence and can be fined up to $50,000 if you are convicted. You should know that this rule is in place to ensure transparency in financial markets.

The offences mentioned in this section are called infringement offences, which are explained in more detail in subpart 5 of Part 8, you can read more about it here.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091452.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rulesBusiness > Fair trading
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306: Copies of documents, or

"Get a copy of important documents, like the interests register, by asking in writing and paying a fee."

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308: Principles guiding exercise of powers under this subpart, or

"Rules to help leaders make good decisions about financial markets"

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

307Offences relating to interests register

  1. A listed issuer that contravenes section 304(1) to (3) or 305 commits an offence and is liable on conviction to a fine not exceeding $50,000.

  2. If a listed issuer fails to provide a copy of, or an extract from, an interests register in accordance with a request under section 306, the issuer commits an offence and is liable on conviction to a fine not exceeding $50,000.

  3. The offences in this section are infringement offences (see subpart 5 of Part 8).

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