If you want to take someone to court for making unsubstantiated representations, there is a limit on who can do this. Only the Financial Markets Authority, or FMA for short, can start a court case about this. The FMA can do this under a part of the law called Part 8 if someone breaks section 23.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM5155245.
24: Court must have regard to certain matters, or
"The court considers all the facts when someone breaks financial market rules"
26: Section 23 does not apply to representations in PDSs, register entries, or other disclosure documents, or
"Section 23 doesn't apply to statements in some documents, like disclosure documents or register entries."
Despite anything to the contrary in Part 8, only the FMA may commence a proceeding or make an application under that Part in relation to a contravention of section 23.
