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Financial Markets Conduct Act 2013

Regulations, transitional provisions, and miscellaneous provisions - Recognition and application regimes - Exemption from Act and regulations for New Zealand offers under recognition regime

575: Exemption from Act and regulations for New Zealand offers under recognition regime

You could also call this:

"Some rules don't apply to people offering financial products in New Zealand under a special set of rules."

Illustration for Financial Markets Conduct Act 2013

If you offer a financial product in New Zealand, some rules might not apply to you. This happens when a special set of rules, called a recognition regime, is used for your product. The recognition regime must be set out in regulations made under section 576.

You can use a recognition regime if it says you are exempt from certain rules, and you choose to use it. You also need to meet any other conditions that the regime requires. To choose to use a recognition regime, you must tell the Registrar that you want to make an offer under that regime.

When you tell the Registrar, you must also give them the name and address of a person in New Zealand who can accept documents on your behalf. The Registrar will then send a copy of your notification to the FMA. This is how you opt into a recognition regime for your financial product.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091848.

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Part 9Regulations, transitional provisions, and miscellaneous provisions
Recognition and application regimes: Exemption from Act and regulations for New Zealand offers under recognition regime

575Exemption from Act and regulations for New Zealand offers under recognition regime

  1. A provision of this Act or the regulations does not apply to a financial product offered to a person in New Zealand if—

  2. a recognition regime set out in regulations made under section 576 applies to the product; and
    1. the recognition regime provides an exemption from that provision for the product; and
      1. the offeror of the product has opted into the recognition regime; and
        1. any other preconditions of the recognition regime are met.

          1. For the purposes of subsection (1), an offeror opts into a recognition regime in respect of a product by notifying the Registrar—

          2. that an offer of the financial product is to be made under the recognition regime; and
            1. of the full name and address in New Zealand of 1 or more persons resident or incorporated in New Zealand who are authorised to accept service in New Zealand at that address of documents on behalf of the offeror.

              1. The Registrar must send a copy of the notification to the FMA.

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