Financial Markets Conduct (Southern Pastures) Exemption Notice 2021

The Financial Markets Conduct (Southern Pastures) Exemption Notice 2021 replaces the Financial Markets Conduct (Southern Pastures Management Limited) Exemption Notice 2015 that expired on 9 July 2020.  The exemption provides for five years relief for certain offers of financial products that are made on terms similar to offers made in reliance on the Financial Markets Conduct (Employee Share Purchase Schemes) Exemption Notice 2021.

The notice exempts Southern Pastures Management Limited and Southern Pastures Limited Partnership from requirements under Parts 3, 4 and 7 of the FMC Act. The exemptions are conditional on certain specific disclosure requirements and are limited to offers made to employees or contractors of limited partnerships (that are majority owned and controlled by Southern Pastures) and certain associated parties of those employees or contractors, namely trustees of a family trust and controlled companies.   The notice limits the proportion of financial products issued in reliance on the exemption to 10% of the total financial products issued in any 12-month period.