Consultation paper: Financial Markets Conduct Act exemptions

First published 13 March 2015

We sought comments on matters we believe should receive support through the FMA’s legislative tools, but for which we have yet to develop policy proposals.

The offer and management of most financial products will fall under the standard ‘regulated offer’ regime or within the Schedule 1 statutory exclusions of the Financial Markets Conduct Act 2013 (FMC Act).  However there are a few matters where the FMC Act may need to use class exemptions, frameworks, or methodologies and designations (the FMA’s legislative tools).

We are looking for preliminary comments on the treatment of the following 10 matters:

1. offers under foreign regimes
2. recognition of overseas audit regimes
3. charities raising funds by debt securities
4. funds raised through venture capital schemes
5. communal facilities offered with real property
6. interests in legal entities established for managing costs and providing services
7. racing livestock ownership syndicates
8. pre-payment facilities
9. small co-operatives, and
10. employee share purchase schemes

We want you feedback on the above matters by 2 April 2015.

This paper also provides a summary of the other issues already being considered for legislative support and the FMA’s proposed solutions.  If you want to be further consulted on these matters as we finalise the solutions, please let us know by Friday 20 March 2015.

How do I make a submission?

All feedback should be submitted to [email protected] with the subject line: FMC Act class exemption development: [Your entity name]