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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

576: Power to exempt from Act and regulations under recognition regime

You could also call this:

"The Governor-General can make exceptions to the law for some countries"

Illustration for Financial Markets Conduct Act 2013

The Governor-General can make rules to exempt some things from the Financial Markets Conduct Act 2013 and its regulations. This is for a recognition regime with a designated country. You can find more information about what these rules can include in section 577. The Minister can only recommend making these rules if they think it is in the public interest. They must consider the securities laws of the designated country and the interests of New Zealand investors. The Minister must also talk to the FMA before making a recommendation. Rules made under this section are secondary legislation, which means they have to follow certain publication requirements - you can learn more about this in Part 3 of the Legislation Act 2019.

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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

576Power to exempt from Act and regulations under recognition regime

  1. The Governor-General may, by Order in Council made on the recommendation of the Minister, make regulations, for the purpose of implementing a recognition regime for a designated country, that provide for—

  2. exemptions from provisions of this Act and the regulations; and
    1. the other matters set out in section 577.

      1. The Minister may recommend making an Order in Council under this section only—

      2. if he or she is satisfied that it is in the public interest after having regard to—
        1. the securities laws of the designated country; and
          1. the interests of New Zealand investors; and
          2. after consulting with the FMA.

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

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            Notes
            • Section 576(3): inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).