Financial Markets Conduct (Wholesale Investor Exclusion-$750,000 Minimum Investment in Kauri Bonds) Exemption Notice 2021

Summary text: This notice applies to offers of certain debt securities known as Kauri bonds that are made in reliance on the $750,000 minimum investment wholesale investor exclusion in clause 3 of Schedule 1 of the Financial Markets Conduct Act 2013 (the Act). Generally, offerors relying on this exclusion must include a warning statement in every offer document and obtain an acknowledgement of the warning from investors (see clauses 3 to 5 of Schedule 8 of the Financial Markets Conduct Regulations 2014). The effect of this notice is to exempt offerors of Kauri bonds from the warning and investor acknowledgement requirements.  The notice replaces the Financial Markets Conduct (Wholesale Investor Exclusion— $750,000 Minimum Investment) Exemption Notice 2017, which is revoked on 4 February 2022. However, exemptions for unsubordinated debt securities (other than Kauri bonds) in the 2017 notice have not been continued.