New Zealand Legislation: Acts

35A FMA may grant exemptions to directors of issuers that are incorporated or constituted outside New Zealand

• (1) The FMA may exempt any directors of an issuer that is incorporated or constituted outside New Zealand, or any directors of a class of those issuers, from compliance with any provision of sections 8 to 11, 13 to 16, 18, 36, 36A, or 38.

  (2) The FMA must not grant an exemption under this section unless it is satisfied that—

  • (a) the exemption would not cause significant detriment to subscribers for the securities of the issuer who are members of the public in New Zealand, having regard to the financial reporting requirements that must be complied with in relation to the issuer under the law in force in the country where the issuer is incorporated or constituted; and

  • (b) the extent of the exemption is not broader than is reasonably necessary to address the matters that gave rise to the exemption.

  (3) The exemption may be granted on any terms and conditions that the FMA thinks fit.

  (4) The FMA may vary or revoke an exemption in the same way as an exemption may be granted under this section.

  (5) The FMA must not grant an exemption under this section in respect of an issuer that is a licensed insurer.

  Section 35A: substituted, on 1 May 2011, by section 82 of the Financial Markets Authority Act 2011 (2011 No 5).