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23 December 2020

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

Name of Notice Financial Markets Conduct (shares in Investment Companies) Designation Amendment Notice 2020
Gazette Notification Date 2020-12-22
Date In Force 2021-03-15
LI Number 2020/334
SL Number
Act Financial Markets Conduct Act 2013
Type Designation Amendment Notice
Expiry Date

Summary: This notice amends the Financial Markets Conduct (Shares in Investment Companies) Designation Notice 2017 (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.