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  5. Financial Markets Conduct (Imperium Markets Pty Limited) Exemption Notice 2020

Financial Markets Conduct (Imperium Markets Pty Limited) Exemption Notice 2020

Page last updated: 20 Apr 2020
Name of noticeFinancial Markets Conduct (Imperium Markets Pty) Exemption Notice 2020
Gazette Notification Date2020-04-20
Date In Force2020-04-21
LI NumberN/A
ActFinancial Markets Conduct Act 2013
TypeIndividual Exemption Notice
Expiry Date2022-04-30

On 17 April 2020, the FMA granted the Financial Markets Conduct (Imperium Markets Pty Limited) Exemption Notice 2020 (the Notice). Download the notice PDF.

The Notice exempts Imperium Markets Pty Limited from the requirement under section 310 of the FMC Act to have a licence to operate a financial product market in New Zealand, subject to conditions.  The conditions to the exemption (as set out in the Notice) place restrictions on the nature of the market, the types of product available through the market, who has access to the market and in what capacity, and the activities of Imperium Markets as operator of the market.

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

  • in the context of the conditions of the exemption, the purposes of the Act relating to promoting informed participation of businesses, investors and consumers in financial markets, and promoting and facilitating the development of fair, efficient, and transparent financial markets and the additional purpose relating to investor information, can substantially be met without requiring that Imperium Markets be licenced;
  • granting the exemption promotes innovation and flexibility in the financial markets, by facilitating the establishment of a new financial product market with appropriate regulatory settings; and
  • taking into consideration – 
    • the matters set out in section 308 regarding the nature of the activities conducted, the size of the market, the nature of the financial products dealt with, the participants, and the technology used; and
    • the purpose set out in section 229 to encourage a diversity of financial product markets that take account of the differing needs and objectives of issuers and investors,
  • the obligations arising out of the operation of subparts 7 and 8 of Part 5 of the Act would be out of proportion to any benefits licensing Imperium Markets may bring in relation to the financial product market permitted by the conditions to the exemption in this notice. Also, to subject the issuers whose products are traded on Imperium Markets’ financial product market(s) to listing rules and requirements would impose significant costs on both Imperium Markets and the issuers disproportionate to any benefit.