09 November 2021

Financial Markets Conduct (Recognised Exchanges) Exemption Notice 2021

Name of Notice Financial Markets Conduct (Recognised Exchanges) Exemption Notice 2021
Gazette Notification Date 2021-11-08
Date In Force 2021-11-18
LI Number
SL Number
Act Financial Markets Conduct
Type Class Exemption
Expiry Date 2026-11-17
Exemption

SL number: SL2021/360

The Financial Markets Conduct (Recognised Exchanges) Exemption Notice 2021 provides relief for offers of financial products traded on certain recognised overseas exchanges, being the London Stock Exchange, the Nasdaq Stock Market, and the New York Stock Exchange.  This continues relief provided under an existing 2016 class exemption notice (as amended in 2020), on substantially the same terms.  The notice provides exemptions from disclosure and governance requirements in Parts 3 and 4 of the FMC Act, and also provides that the offers are not regulated offers under the FMC Act. 

The exemptions continue to recognise the adequacy of the regulation of financial product offerings on these significant exchanges in the United Kingdom and the United States of America. Offers of financial products traded on these exchanges are likely to be of significant size and are unlikely to be targeted predominantly at New Zealand investors.  The conditions of the exemption require NZ investors to be provided with a warning statement that provides information about the risks that might accompany overseas investment.