|Name of Notice||Financial Markets Conduct (Overseas Banks Offering Simple Debt Products) Exemption Amendment Notice 2020|
|Gazette Notification Date||2020-12-22|
|Date In Force||2021-03-15|
|Act||Financial Markets Conduct Act 2013|
|Type||Class Exemption Amendment Notice|
Summary: This notice amends the Financial Markets Conduct (Overseas Banks Offering Simple Debt Products) Exemption Notice 2016 (principal notice). It comes into force on 15 March 2021.
The principal notice allows overseas banks in certain circumstances to offer call debt securities and fixed term deposit products to New Zealand investors through a lighter compliance path that is similar to that available to New Zealand registered banks. The principal notice contains a cross-reference to the definition of ‘call debt securities’ 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 Financial Markets Conduct Regulations 2014 will contain a definition of ‘call debt security’ and that definition will apply for the purposes of the principal notice in accordance with clause 4(2) of that notice. This amendment notice therefore deletes the cross-reference to the Financial Advisers Act definition in the principal notice.