Give the full name, address and corporate status of the person(s) seeking the exemption.
State the jurisdiction in which the applicant is incorporated or constituted, and any securities exchanges upon which its financial products are listed.
What do you want an exemption from?
Give the provisions of the Acts and/or Regulations from which the exemption is sought and any conditions of exemption you consider appropriate.
Why are you seeking this exemption?
Explain, for each provision of the Acts or Regulations from which the exemption is sought, why the exemption is wanted and give full reasons which may justify an exemption. Your reasons should include an explanation of how the exemption sought is consistent with the policy of the relevant legislation, and how it meets the statutory tests shown below.
Provisions containing statutory tests to be met before exemption granted
Financial Markets Conduct Act 2013
Sections 556, 557 and 572
Are there any precedents?
Identify any existing exemption notices which are similar to the exemption sought and which may provide a precedent for your application. Explain how the notices are similar to and different from the exemption you are seeking.
You must include a draft exemption notice which would give effect to the exemptions you seek. When drafting this notice please consider particularly:
the company, or other entity, proper legal names
any terms that need to be defined
the particular provisions of the relevant legislation from which exemptions are sought
the terms and conditions appropriate to each exemption sought
a summary of the key reasons for the exemption (consistent with the policy of the relevant legislation, and addressing the statutory tests that must be met for the FMA to grant the exemption)
Specific exemption application requirements
In addition to the general information above, specific exemption applications require additional information.
Describe the offer. It would be helpful to give some background to the offer and then specific details e.g. the type of financial products, details of the offer, parties to the offer, details of target subscribers, etc.
Describe how your proposed exemption may affect prospective investors and any costs and benefits to them.
Describe the effects on the issuer of the financial product(s), and the relative costs and benefits, of (a) having and (b) not having the exemption.
Describe any proposed conditions that require disclosure of alternative information helpful for the investor to make an investment decision.
Exemptions for relief from financial reporting obligations for overseas issuers
Please include detailed information on the following:
The financial reporting, including audit requirements, in force in the country where the issuer is incorporated or is otherwise subject to e.g. listing rules or prudential regulation.
The legal standing of the financial reporting requirements.
The enforceability of the financial reporting requirements.
The ease with which New Zealand authorities could, if necessary, obtain cooperation from home jurisdiction in any investigation – for example, the Securities Regulator and any independent Auditor oversight bodies.
Please include copies of applicable financial reporting laws and standards, or references to where these can be obtained electronically.
Exemptions for relief from financial reporting obligations for entities in receipt of funds from a conduit issuer
Describe how the applicant is a ‘recipient of funds from a conduit issuer’.
Include specific details, e.g. the type of financial products, parties to the offer, parties who are ‘recipients of funds from a conduit issuer’ and the ‘conduit issuer’, details of target subscribers etc.
Address how the circumstances of the issuer or the conditions suggested will ensure that investors still receive adequate information about their investment and the entity or entities for whose use the money has been raised.