You cannot operate a financial product market in New Zealand unless you have a licence. You need a licence to operate that market under this Part. If the market is exempt under section 312, you do not need a licence.

You must not say you operate a financial product market in New Zealand if you do not have a licence. This rule applies unless you have a licence or the market is exempt under section 312. You have to follow this rule to operate a financial product market in New Zealand.

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This page was last updated on 15 July 2025

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091458.

Topics:

Money and consumer rights > Banking and loansBusiness > Industry rules

309: What is a financial product market, or

"A financial product market is a place where people buy and sell financial products with each other."

311: Prohibitions on holding out, or

"Don't pretend you have a licence to sell financial products if you don't really have one."

Part 5Dealing in financial products on markets
Licensing of markets for trading financial products: Need for financial product market licence

310Need for financial product market licence

A person must not operate, or hold out that the person operates, a financial product market in New Zealand, unless—
the person has a licence to operate that market under this Part; or
the market is exempt from the licensing requirement under this subpart under section 312.