Financial Markets Conduct Act exemptions
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This notice exempts Booster Financial Services Limited (BFSL) and its nominated representatives from certain provisions of the Financial Markets Conduct Act 2013, in relation to the new financial advice regime. The effect of the notice is that BFSL is permitted to have nominated representatives under a transitional licence, and it and its nominated representatives have the benefit of the transitional regime’s competency safe harbour.
The Financial Markets Conduct (AxiCorp Financial Services Pty Ltd) Exemption Notice 2020 provides relief to AxiCorp Financial Services Pty Ltd (AxiCorp) from certain financial reporting and audit obligations of the FMC Act as well as the requirement in Schedule 6 of the FMC Regulations that the register entry for an offer of derivatives contains financial statements that comply with NZ GAAP and have been audited by a qualified auditor (as that term is defined in the FMC Act).
The notice exempts the Takeovers Panel (the Panel) from the substantial holding disclosure provisions of the Financial Markets Conduct Act 2013 (the FMC Act) in respect of any relevant interest in quoted voting products of a listed issuer that the Panel has, as the result of an enforceable undertaking.
The Financial Markets Conduct (Canterbury Mortgage Trust Group Investment Fund) Exemption Notice 2020 exempts Canterbury Fund Managers Limited in respect of the Canterbury Mortgage Trust Group Investment Fund (Scheme) from requirements under the Financial Markets Conduct Act 2013 to prepare and submit audited financial statements in relation to the Scheme’s balance date of 31 March 2020.
The Financial Markets Conduct (Financial Reporting – DIMS Licensees) Exemption Notice 2020 grants an exemption in favour of small to medium-sized licensed providers of DIMS. It provides relief from certain financial reporting and audit obligations under the FMC Act.
The Financial Markets Conduct (Overseas Registered Banks and Licensed Insurers) Exemption Notice 2020 provides relief to overseas banks and insurers from certain financial reporting and audit obligations.
On 23 April 2020 the FMA granted the Financial Markets Conduct (Financial Reporting and Other relief – COVID-19) Exemption Notice 2020
The Notice exempts Imperium Markets Pty Limited from the requirement under section 310 of the FMC Act to have a licence to operate a financial product market in New Zealand, subject to conditions.
Financial Markets Conduct (UBT Invest NZ Funds) Exemption Notice 2020
Financial Markets Conduct (Restricted Schemes – Custodian Assurance Engagement) Exemption Notice 2020
Financial Markets Conduct (Centuria Capital Group) Exemption Notice 2020
On 25 February 2020, the FMA granted the Financial Markets Conduct (Vital Healthcare Property Trust Restructure – Disclosure) Exemption Notice 2020 (the Notice).
The Financial Markets Conduct (Disclosure of Relevant Interests by Directors and Senior Managers) Exemption Notice 2019 continues the relief granted in the Financial Markets Conduct (Disclosure of Relevant Interests by Directors and Senior Managers) Exemption Notice 2014, which is revoked at the close of 30 November 2019.
The Financial Markets Conduct (NZCDC Settlement System) Exemption Notice 2019 continues the relief granted in Financial Markets Conduct (NZCDC Settlement System) Exemption Notice 2014, which is revoked at the close of 30 November 2019.
The Financial Markets Conduct (Insider Trading – Fonterra Co-operative Group Limited) Exemption Notice 2019 is a renewal of the exemption granted under the Financial Markets Conduct (Insider Trading – Fonterra Co-operative Group Limited) Exemption Notice 2014 which expires on 30 November 2019.
The Financial Markets Conduct (trueEX LLC) Exemption Revocation Notice 2019 revokes the Financial Markets Conduct (trueEX LLC) Exemption Notice 2018 which exempted trueEX from having to be licenced to provide a financial product market. This exemption revoking the earlier exemption has been granted on the request of trueEX as it is no longer operating the financial product market.
Financial Markets Conduct (Obsidian Contributory Mortgage Scheme) Exemption Notice 2019 comes into force on 22 October 2019 and is revoked on 21 October 2024. This notice exempts Obsidian Group Limited (the Manager) from some provisions of the Financial
Markets Conduct Regulations 2014 (the Regulations) and the Financial Markets Conduct Act
2013 (the Act) in respect of the Obsidian Contributory Mortgage Scheme (the Scheme).
This notice, which comes into force on 22 October 2019 and is revoked on the close of 21 October 2024, exempts certain trustees of trusts that together either control, or have a potential future interest in, the Masthead Joint Venture from regulation 139 of the Financial Markets Conduct Regulations 2014 to the extent that the regulation requires event disclosures given by those trustees to have attached a full copy of the joint venture agreement that constitutes the Masthead Joint Venture.
Financial Markets Conduct (Insider Trading – Livestock Improvement Corporation Limited) Exemption Notice 2019 exempts certain conduct from being insider conduct for the purposes of sections 241 and
243 of the Financial Markets Conduct Act 2013.
A class exemption has been granted to provide managers of certain schemes that invest in secured loans with relief from the requirements to name borrowers in quarterly fund updates or on the register entry for the offer. Alternative information about the secured property must be provided instead, that will be more useful for investors. The exemptions come into force on 1 August 2019.