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Financial Markets Conduct Act 2013

Dealing in financial products on markets - Transfer of transferable financial products - Transfer of specified financial products by electronic means

377: Specified financial products may be transferred under approved system

You could also call this:

"Some investments can be bought or sold using a special approved system."

Illustration for Financial Markets Conduct Act 2013

When you buy or sell certain financial products, they can be transferred using a special system. This system must be approved under section 376. You can use this system whether you are buying or selling the products in a special market or not.

The system can be used even if the products mean the person who issues them has to do something for the person who buys them. This is the case whether or not the buyer has to do something in return for the issuer. The approved system can still be used to transfer the products.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091547.

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Money and consumer rights > Banking and loansBusiness > Industry rulesBusiness > Fair trading
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376: Approval of electronic transfer system, or

"The Governor-General can approve a computer system that helps buy and sell investments electronically."

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378: Minor technical modifications to system, or

"Make small technical changes to an approved system"

Part 5Dealing in financial products on markets
Transfer of transferable financial products: Transfer of specified financial products by electronic means

377Specified financial products may be transferred under approved system

  1. Specified financial products disposed of, whether in an authorised transaction or licensed market transaction or otherwise, may be transferred in accordance with a system of transfer that is approved under section 376.

  2. Subsection (1) applies whether or not the specified financial products impose a liability to the issuer on the transferee.

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