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Financial Markets Conduct Act 2013

Dealing in financial products on markets - Licensing of markets for trading financial products - Need for financial product market licence

311: Prohibitions on holding out

You could also call this:

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

Illustration for Financial Markets Conduct Act 2013

You cannot say you have a financial product market licence if you do not have one. You also cannot say a financial product market in New Zealand is allowed because of a licence if it is not. You must not claim a financial product market is exempt from the rules when it is not, or that you are part of a licensed market when you are not.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091459.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rulesBusiness > Fair trading
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310: Need for financial product market licence, or

"You need a licence to run a financial market in New Zealand"

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312: Exemptions, or

"When you don't need a licence to run a financial market"

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

311Prohibitions on holding out

  1. A person must not, if it is not the case, hold out that—

  2. the person has a financial product market licence; or
    1. the operation of a financial product market in New Zealand is authorised by a financial product market licence; or
      1. a financial product market is exempt from this Part; or
        1. the person is a participant in a licensed market.