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Fair Trading Act 1986

Miscellaneous provisions

48R: Unsubstantiated representations prohibition does not apply to financial markets disclosure

You could also call this:

"Some finance documents don't need proof for claims they make."

Illustration for Fair Trading Act 1986

You have some rules to follow when making representations in financial markets. The rules about unsubstantiated representations do not apply to some documents. These documents are called disclosure documents or register entries, which are explained in section 6(1) of the Financial Markets Conduct Act 2013. You can find more information about what these documents are in the Financial Markets Conduct Act 2013. This means you do not have to follow the rules in section 23 of the Financial Markets Conduct Act 2013 when making representations in these documents.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6033259.

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Money and consumer rights > Consumer protectionBusiness > Industry rules
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48Q: No pecuniary penalty and fine for same conduct involving financial products or financial services, or

"No double punishment for same mistake with money products or services"

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48S: Certain conduct under Financial Markets Conduct Act 2013 does not contravene various provisions of this Act, or

"Following Financial Markets Conduct Act rules doesn't break some Fair Trading Act rules"

Part 6Miscellaneous provisions

48RUnsubstantiated representations prohibition does not apply to financial markets disclosure

  1. The provision of this Act that corresponds to section 23 of the Financial Markets Conduct Act 2013 does not apply to a representation made in a disclosure document or a register entry.

  2. In this section, disclosure document and register entry have the same meanings as in section 6(1) of the Financial Markets Conduct Act 2013.

Notes
  • Section 48R: inserted, on , by section 8 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).