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Financial Markets Conduct Act 2013

Dealing in financial products on markets - Licensing of markets for trading financial products - Other provisions relating to licensing of financial product markets

351: Regulations modifying this Part or Part 7 or 7A for licensed markets

You could also call this:

"Rules can be changed for some markets to make them fairer and more reasonable"

Illustration for Financial Markets Conduct Act 2013

The Governor-General can make regulations that change how some parts of the Financial Markets Conduct Act 2013 work for licensed markets. You might see changes to what rules apply to licensed markets, or what information they need to share. The Minister will recommend these changes and consider things like what is fair and reasonable. Any new regulations will say which licensed markets they apply to. These regulations are a type of secondary legislation, which you can learn more about in the Legislation Act 2019. The Minister must think about certain matters, like those listed in section 308, when making recommendations.

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Topics:
Money and consumer rights > Banking and loansBusiness > Industry rulesBusiness > Fair trading
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350: Delegation of Minister's licensing functions and powers to FMA, or

"The Minister can pass some of their jobs and powers to the FMA to help look after financial markets."

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352: Licensed market operator must notify FMA of disciplinary actions and suspected contraventions, or

"Tell the FMA if someone breaks market rules or you take action against them"

Part 5Dealing in financial products on markets
Licensing of markets for trading financial products: Other provisions relating to licensing of financial product markets

351Regulations modifying this Part or Part 7 or 7A for licensed markets

  1. The Governor-General may, on the recommendation of the Minister in accordance with subsection (3), make regulations for any 1 or more of the following purposes:

  2. providing that any 1 or more of the provisions in subparts 2 to 8 of this Part (including any definitions in this Act as they apply in the relevant provisions, but excluding the obligations in section 314) do not apply in respect of a licensed market or class of licensed markets (and accordingly do not apply in relation to any issuers listed or financial products quoted on those markets):
    1. providing that section 451(1)(d) does not apply in respect of persons that are listed issuers only in respect of a licensed market or class of licensed markets, and providing for replacement or modified requirements to apply relating to—
      1. accounting records and financial reporting:
        1. CRD records and climate-related disclosures (for those listed issuers that would otherwise be climate reporting entities under section 461O(1)(a)):
        2. providing for replacement or modified provisions to apply in respect of the licensed market or class of licensed markets (for example, instead of having continuous disclosure provisions in the listing rules and requiring listed issuers to comply with those provisions, having periodic or event-based disclosure or some other way of dealing with any information asymmetries in the market):
          1. stating which provisions of the regulations (if any) are Part 5 market provisions for the purposes of this Act and, if so, whether the provisions give rise to civil liability under section 385(3) or (4) (see Part 8, in which Part 5 market provisions are specified to be civil liability provisions), including which provisions are alternative disclosure obligations for the purposes of section 314:
            1. providing that a financial product market must not be treated as a licensed market for the purposes of any provision or provisions of this Act or any other specified enactment:
              1. providing that issuers of a specified class must not be treated as listed issuers for the purposes of any provision or provisions of this Act or any other specified enactment:
                1. providing that, in specified circumstances, financial products must not be treated as quoted financial products for the purposes of any provision or provisions of this Act or any other specified enactment.

                  1. Any regulations made under subsection (1) must specify the licensed market or class of licensed market to which they apply.

                  2. The Minister must, in relation to a recommendation under this section,—

                  3. have regard to the matters set out in section 308; and
                    1. be satisfied, in relation to any recommendation relating to subsection (1)(a) or (d), that the extent to which the regulations disapply any enactment to a licensed market is not broader than is reasonably necessary to address the matters that gave rise to the regulations; and
                      1. be satisfied, in relation to any recommendation relating to subsection (1)(e) or (f), that the extent to which the regulations disapply any enactment to issuers or financial products is not broader than is reasonably necessary to address the matters that gave rise to the regulations.

                        1. Regulations under this section are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

                        Notes
                        • Section 351 heading: amended, on , by section 6(1) of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 (2021 No 39).
                        • Section 351 heading: amended, on , by section 47(1) of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).
                        • Section 351(1)(ab): replaced, on , by section 6(2) of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 (2021 No 39).
                        • Section 351(1)(e): inserted, on , by section 71(1) of the Regulatory Systems (Commercial Matters) Amendment Act 2017 (2017 No 12).
                        • Section 351(1)(f): inserted, on , by section 71(1) of the Regulatory Systems (Commercial Matters) Amendment Act 2017 (2017 No 12).
                        • Section 351(3)(b): amended, on , by section 71(2) of the Regulatory Systems (Commercial Matters) Amendment Act 2017 (2017 No 12).
                        • Section 351(3)(c): inserted, on , by section 71(3) of the Regulatory Systems (Commercial Matters) Amendment Act 2017 (2017 No 12).
                        • Section 351(4): inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).