19 April 2024

Financial Markets Conduct (Goldman Sachs) Exemption Notice 2024

Name of Notice Financial Markets Conduct (Goldman Sachs) Exemption Notice 2024
Gazette Notification Date 2024-04-18
Date In Force 2024-04-25
LI Number N/A
SL Number N/A
Act Financial Markets Conduct
Type Individual Exemption
Expiry Date 2029-04-24

The Financial Markets Conduct (Goldman Sachs) Exemption Notice 2024 (Notice) exempts exempt entities (being the Goldman Sachs Group, Inc and its subsidiaries (each being a GS entity and together the Goldman Sachs Group) and any related body corporate of a GS entity) from the substantial product holder disclosure obligations in sections 276 to 279 of the Financial Markets Conduct Act 2013 (the FMC Act). The exemption is granted in respect of a relevant interest in a financial product that an exempt entity has as a result of the application of section 275 of the FMC Act to an internal derivative, which is entered into between GS entities for the purpose of hedging a GS entity’s obligations under one or more derivatives entered into with an investor in a client serving capacity (client derivative).  

The Notice is subject to a number of conditions, including conditions that the investor under the client derivative is not an associated person of a GS entity and an exempt entity’s reliance on the exemption would not have the effect of circumventing, evading or defeating any of the purposes of the substantial holding disclosure regime specified in section 273 of the FMC Act.  

The key reasons for granting the exemption (as set out in full in the Statement of Reasons) are that:

  • the way in which the Goldman Sachs Group manages its internal risk for a client derivative for which the underlying is quoted voting products of a listed issuer, is resulting in double counting of relevant interests in those products when it comes to determining the Goldman Sachs Group’s total relevant interest for the purpose of disclosing any substantial holding; and  
  • granting the exemption ensures that the substantial holdings disclosed by the exempt entities reflect the true positions held and does not mislead the market.


Download Financial Markets Conduct (Goldman Sachs) Exemption Notice 2024