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Financial Markets Conduct Act 2013

Regulations, transitional provisions, and miscellaneous provisions - Exemptions

561: Effect of exemptions on regulated offers

You could also call this:

"What happens when you get an exemption from rules for selling financial products"

Illustration for Financial Markets Conduct Act 2013

If the Financial Markets Authority grants you an exemption from certain rules, you might think it means your offer of financial products is no longer regulated. However, your offer is still regulated unless the exemption says it is not. The exemption must clearly state that your offer is not regulated for it to actually not be regulated. This can apply to one specific offer or to a whole group of similar offers.

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Part 9Regulations, transitional provisions, and miscellaneous provisions
Exemptions

561Effect of exemptions on regulated offers

  1. If the FMA grants an exemption under this subpart from any provision of subpart 1 or 2 of Part 3 or Schedule 1 and that exemption applies in respect of an offer of financial products that would be a regulated offer, the offer continues to be a regulated offer unless subsection (2) applies.

  2. An offer of financial products that would, but for this subsection, be a regulated offer is not a regulated offer if the terms of an exemption granted under this subpart state that the offer is not a regulated offer.

  3. A statement under subsection (2) may be in respect of an offer or a class of offers.