Exemptions

For offers made under the Securities Act during the transition from the Securities Act to the Financial Markets Conduct Act 2013 (FMC Act) regime, businesses can continue to rely on Securities Act regime exemptions, to the extent they still apply and have not expired,

All existing Securities Act exemptions become redundant at the end of the relevant transition period, regardless of their expiry date, because you will no longer be able to offer or manage securities under the Securities Act regime.

Many existing exemptions address issues that will no longer be difficulties under the FMC Act offers regime. Our table Issues that no longer arise under the FMC Act regime summarises why the circumstances addressed by a number of current Securities Act class exemptions no longer raise issues.

If you have an existing individual exemption that expires before the end of the transition period, you can apply to have your exemption extended. However we will discuss with you whether you can move more quickly into the FMC regime instead.

See a full list of Exemption Notices

New exemptions

We don’t propose to develop any new class exemptions from the Securities Act regime. Instead you should look to move to the new FMC Act regime as promptly as you are able. 

You can continue to apply for new individual exemptions from the Securities Act regime, however, before accepting your application, we will discuss the alternative approach of moving more quickly into the FMC Act regime.

See our exemption pages for how to apply.

 

 

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