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Financial Markets Conduct (Shares in Investment Companies) Designation Amendment Notice 2020

Page last updated: 23 December 2020
Name of noticeFinancial Markets Conduct (shares in Investment Companies) Designation Amendment Notice 2020
Gazette Notification Date2020-12-22
Date In Force2021-03-15
LI Number2020/334
SL Number
ActFinancial Markets Conduct Act 2013
TypeDesignation Amendment Notice
Expiry Date

Summary: This notice amends the Financial Markets Conduct (Shares in Investment Companies) Designation Notice 201 (principal notice).  It comes into force on 15 March 2021.

The principal notice designates certain shares in investment companies as managed investment products.   That notice contains a cross reference to the definition of ‘financial advice’ in the Financial Advisers Act 2008.  The Financial Advisers Act will be revoked with effect from 15 March 2021 by the Financial Services Legislation Amendment Act 2019.  From 15 March 2021, the definition of ‘financial advice’ in s431C of the Financial Markets Conduct Act 2013 will apply for the purposes of the principal notice in accordance with clause 3(3) of that notice.  The amendment notice therefore revokes the definition of ‘financial advice’ in the principal notice.