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Financial Markets Conduct Act 2013

Enforcement, liability, and appeals - FMA's enforcement powers - Unsolicited offer orders

473: Terms of unsolicited offer orders

You could also call this:

"Rules for dealing with unexpected investment offers"

Illustration for Financial Markets Conduct Act 2013

When you get an unsolicited offer order, it can do several things. It can stop you from buying a financial product because of the offer. It can also stop you from doing something that might break the rules about unsolicited offers. You might be stopped from completing a contract that was made because of an unsolicited offer. The order can tell you not to register the transfer of a financial product.

The order can tell you to give out information, fix false statements, or take other steps to follow the rules about unsolicited offers. You will have to do this at your own expense and in the way specified in the order. An unsolicited offer order can be given to anyone. You can compare this to the Securities Amendment Act 1988 to see how the rules have changed.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091685.

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472: When FMA may make unsolicited offer orders, or

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474: FMA may order that exclusion for offers of products of same class as quoted products does not apply, or

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Part 8Enforcement, liability, and appeals
FMA's enforcement powers: Unsolicited offer orders

473Terms of unsolicited offer orders

  1. An unsolicited offer order may—

  2. restrain a person from acquiring a financial product, a power to dispose of a financial product, or an interest in or a right attaching to a financial product, as a result of the unsolicited offer:
    1. restrain a person from taking any action that is, or that may reasonably be expected to constitute, a contravention of an unsolicited offer provision:
      1. restrain a person from taking specified steps to complete or perform a contract that has been, or may reasonably be expected to be, entered into in contravention of an unsolicited offer provision:
        1. direct a person not to register the transfer of a financial product:
          1. direct a person to disclose information, make corrective statements, or take any other specified steps, at the person's own expense and in the manner and at the times specified in the order, for the purpose of securing compliance with an unsolicited offer provision.

            1. An unsolicited offer order may be directed at any person.

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