inviting applications for the issue of financial products: inviting applications to purchase financial products, in relation to an offer of financial products for issue, the issuer; or, in any other case of an offer of financial products, the person who has the capacity, or who agrees, to transfer the financial products if the offer is accepted, Part 2 fair dealing provision means any of the provisions specified in section 38(1), Part 3 offer provision means any of the provisions specified in section 101(3) or (4), Part 4 governance provision means any of the provisions specified in section 228(3) or (4), Part 5 market provision means any of the provisions specified in section 385(3) or (4), Part 6 services provision means any of the provisions specified in section 449(3) or (4), Part 7 financial reporting provision means any of the provisions specified in section 461M(3) or (4), participant means, in relation to a licensed market, a person authorised by the licensed market operator to participate in that market, prescribed intermediary services means services of a kind that are prescribed for the purposes of this definition and involve a person acting as an intermediary in relation to a financial product or financial service, product disclosure statement or PDS, in relation to a regulated offer, means a product disclosure statement for the offer, product holder, in relation to a financial product, means,—, in the case of a financial product to which section 215(1) does not apply, the holder of the financial product (subject to paragraph (c)); or, in the case of any other financial product, the person who is registered as the holder of the product in a register kept under subpart 4 of Part 4 (subject to paragraph (c)); or, in the case of a derivative, any party to the derivative that did not make a regulated offer of the derivative, protected disclosure has the meaning set out in section 214(4), provider of a discretionary investment management service has the meaning set out in section 392, QFE or qualifying financial entity has the same meaning as in section 5 of the Financial Advisers Act 2008, QFE adviser has the same meaning as in section 5 of the Financial Advisers Act 2008, qualified auditor has the meaning set out in section 461E, qualified statutory accountant has the same meaning as in section 5(1) of the Financial Reporting Act 2013. financial products of a listed issuer, means financial products of the issuer that are approved for trading on a licensed market (and, to avoid doubt, financial products do not cease to be quoted merely because trading in those products is suspended): derivatives, means derivatives that are approved for trading on a licensed market (and, to avoid doubt, derivatives do not cease to be quoted merely because trading in those products is suspended), redeemable has the meaning set out in subsection (5). Section 6(1) applicable auditing and assurance standard: inserted, on 1 April 2014, by section 46(1) of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102). Read more The new regulations prescribe the relevant provisions under the FMC Regulations. The Asia Region Funds Passport is intended to provide New Zealanders and investors in the Asia region with access to a greater range of investment opportunities. The Financial Markets Conduct Act 2013 (FMC Act) will replace the Securities Act 1978 (Securities Act) and the Securities Markets Act 1988 (Securities Markets Act). Historically the standard for civil accessory liability has been unclear, Our framework and methodology for the evaluation is set out in the Financial Markets Conduct Act – Baseline report and evaluation plan. Read more about the current regulatory regime. Financial Reporting (Amendments to Other Enactments) Act 2013, Regulatory Systems (Commercial Matters) Amendment Act 2017, About this This essay focuses on the introduction of accessory liability forany person “involved in a contravention” under s 533. Section 6(1) chartered accountant: repealed, on 1 July 2015, by section 17 of the Financial Reporting Amendment Act 2014 (2014 No 64). Act No. Good evening, Thank you all for coming along to mark this important day for New Zealand’s financial markets. Financial Conduct Authority and Prudential Regulation Authority 6 The new Regulators (1) For sections 1 to 18 of the Financial Services and Markets Act 2000 (in this Act referred to as “FSMA 2000”) substitute— “ PART 1A The Regulators The links listed link to Product Disclosure Statements and relevant supplementary documents issued by Westpac Banking Corporation under the Financial Markets Conduct Act 2013. Section 6(1) NBDT: inserted, on 1 May 2014, by section 102 of the Non-bank Deposit Takers Act 2013 (2013 No 104). The remainder of Section 6(1) issuer obligation paragraph (f): replaced, on 1 May 2014, by section 102 of the Non-bank Deposit Takers Act 2013 (2013 No 104). The Financial Services and Markets Act 2000 is an Act of the Parliament of the United Kingdom that created the Financial Services Authority (FSA) as a regulator for insurance, investment business and banking, and the Financial Ombudsman Service to resolve disputes as a free alternative to the courts.. Supplementary amendment regulations have been made since 2014. Get notifications. 19 of 2012), and any word or expression to which a meaning has been assigned in the Act, bears the meaning so means the Financial Markets Conduct Act 2013. Financial advice is currently regulated under the Financial Advisers Act 2008, which will be repealed by the Financial Services Legislation Amendment Act on 15 March 2021. Section 6(1) balance date: replaced, on 1 April 2014, by section 46(2) of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102). a person is appointed in respect of, or another event occurs that indicates the start of, a process in New Zealand or in any other country in which the company or other body corporate was incorporated, created, or established that is similar to any of those set out in paragraphs (a) to (e). (Financial Markets Conduct Act, Ministry of Business, Innovation and Employment website (last updated Apr. It allowed for the licensing of new exchanges, ... Financial Sector Conduct Authority for market efficiency, integrity, and competitiveness. Most directors will be familiar with the requirement to issue a prospectus under the old Securities Act 1978 (“Old Act”) when an “offer to the public” is made. Section 6(1) Part 7 financial reporting provision: replaced, on 1 April 2014, by section 46(3) of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102). FINANCIAL MARKETS ACT 19 OF 2012 CONDUCT STANDARD FOR AUTHORISED OTC DERIVATIVE PROVIDERS The Financial Sector Conduct Authority, under section 6(8)(b), read with sections 74 and 75, of the Financial Markets Act, 2012 (Act No. The Financial Markets Conduct Act 2013 (FMC Act) governs how financial products are created, promoted and sold, and the ongoing responsibilities of those who offer, deal and trade them. Section 6(1) accounting period: inserted, on 1 April 2014, by section 46(1) of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102). Chapman Tripp has been named New Zealand Law Firm of the Year for the fifth consecutive year. site, Some amendments have not yet been incorporated, Industrial and Provident Societies Act 1908. Section 6(1) qualified auditor: replaced, on 1 April 2014, by section 46(4) of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102). This article looks at the potential treatment of different forms of property investment schemes under the FMC Act in contrast to the Securities Act 1978 (SA), and speculates on some potential implications. Section 6(1) subsidiary: replaced, on 1 April 2014, by section 46(5) of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102). BackFinancial Markets Conduct Act 2013 Transition 23/8/2016, 8:58 am S/HOLDER. (May 2, 2014) On April 1, 2014, the first implementation phase of the Financial Markets Conduct Act 2013 (FMC Act) commenced in New Zealand. An Act to make provision about the regulation of financial services and markets; to provide for the transfer of certain statutory functions relating to building societies, friendly societies, industrial and provident societies and certain other mutual societies; and for connected purposes. This Act is the Financial Markets Conduct Act 2013. in relation to an offer, or intended offer, of financial products, means any form of communication made to the public or a section of the public for the purpose of promoting the offer or intended offer: in relation to the supply of financial services, means any form of communication made to the public or a section of the public for the purpose of promoting the supply of the services, agreement includes any contract, arrangement, or understanding, alternative disclosure obligation means any provision of regulations made under section 351 that is stated by those regulations to be an alternative disclosure obligation, applicable auditing and assurance standard has the same meaning as in section 5(1) of the Financial Reporting Act 2013, applicable financial reporting standard has the same meaning as in section 5(1) of the Financial Reporting Act 2013, application, in relation to financial products, includes an offer to acquire the financial products whether in writing or otherwise, associated person or associated has the meaning set out in section 12(1), audio or visual service means an audio or visual service provided to users of the service by means of telecommunications, authorised body, in relation to a market services licence, means a related body corporate of a licensee that is authorised under section 400 to provide a market service under the licence, authorised financial adviser has the same meaning as in section 5 of the Financial Advisers Act 2008, balance date has the same meaning as in section 41 of the Financial Reporting Act 2013, broadcaster has the same meaning as in section 2(1) of the Broadcasting Act 1989, broadcasting has the same meaning as in section 2(1) of the Broadcasting Act 1989, building society has the same meaning as in section 2(1) of the Building Societies Act 1965, business includes any profession, trade, or undertaking, whether or not carried on with the intention of making a pecuniary profit, business rules means the rules for a financial product market that deal with the matters set out in section 328(4)(a) to (d), category 2 product has the same meaning as in section 5 of the Financial Advisers Act 2008, civil liability order has the meaning set out in section 484, civil liability provision has the meaning set out in section 485, class, in relation to financial products, has the meaning set out in subsection (3), means a company, or an overseas company, within the meaning of section 2(1) of the Companies Act 1993; but, does not include an overseas limited partnership (within the meaning of section 4 of the Limited Partnerships Act 2008), complying superannuation fund means a superannuation scheme or workplace savings scheme that is identified as a complying superannuation fund on the register of managed investment schemes (or, if the scheme is identified as a complying superannuation fund in respect of only a section of the scheme, means the scheme in respect of that section), means conduct following the public announcement by a person of an intention to make an offer (being an offer that is regulated by the Takeovers Code), whether or not the offer has already begun and whether or not the offer proceeds; and, includes conduct incidental or preliminary to a takeover that is regulated by the Takeovers Code, in the case of a company within the meaning of section 2(1) of the Companies Act 1993, the constitution of the company; and, in the case of any other entity, the documents or instruments constituting or defining the constitution of the entity, continuous disclosure exemption means an exemption or a waiver of a continuous disclosure provision or provisions of the listing rules of the licensed market, continuous disclosure obligation means an obligation under section 270 and any listing rules with which that section requires compliance, continuous disclosure provisions has the meaning set out in section 271, relates to financial products that the issuer, in the ordinary course of its business, continuously offers; and, is not the first PDS to be lodged with the Registrar in respect of that class of financial products, continuous issuer means an issuer that in the ordinary course of its business continuously offers financial products, contributor means a person who makes a contribution to, or investment in, a KiwiSaver scheme, superannuation scheme, or any other scheme referred to in section 11(2)(a) (whether or not that person is a scheme participant), controlling owner, in relation to any person, has the meaning set out in section 4 of the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (applied to that person as if it were a financial service provider even if it is not), convertible note has the same meaning as in section YA 1 of the Income Tax Act 2007, co-operative company means a company registered as a co-operative company under the Co-operative Companies Act 1996, court means, in relation to any matter, the court before which the matter is to be determined (see section 538, which confers exclusive jurisdiction on the High Court in proceedings other than proceedings for offences), credit union has the same meaning as in section 2 of the Friendly Societies and Credit Unions Act 1982. in relation to a managed investment scheme, each person who is designated or appointed to perform, or to whom is contracted, the function of holding some or all of the scheme property under the scheme: in relation to a discretionary investment management service, each person holding investor money or investor property under that service (whether or not appointed by that investor), dealing, in relation to financial products,—, acquiring or disposing of financial products; or, offering financial products for issue or sale and issuing and transferring financial products; or, promoting by any means the acquisition or disposal of financial products; or, in relation to a derivative, discharging obligations under the derivative; or, anything that is preparatory to, or related to, any dealing in financial products (for example, giving financial advice), unless an exception applies to the dealing under this Act; but, does not include a dealing excluded by the regulations, debt security has the meaning set out in section 8(1), defined benefit scheme means a scheme that operates on the principle of unallocated funding, and includes a scheme under which contributions are not allocated on a defined basis to individual members, derivative has the meaning set out in section 8(4), derivatives issuer means a person that is in the business of entering into derivatives, DIMS licensee has the meaning set out in section 392, direction order means an order under section 468. in relation to a company, any person occupying the position of a director of the company by whatever name called: in relation to a partnership (other than a limited partnership), any partner: in relation to a limited partnership, any general partner: in relation to a body corporate or unincorporate, other than a company, partnership, or limited partnership, any person occupying a position in the body that is comparable with that of a director of a company: in relation to any other person, that person.
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