312 Exemptions

(1)

A financial product market is exempt from the licensing requirement under this subpart if—

(a)

the market satisfies either of the following criteria (assessed in accordance with the frameworks or methodologies specified in notices issued by the FMA under subpart 4 of Part 9):

(i)

the number of relevant transactions on the market does not exceed 100 transactions; or

(ii)

the aggregate value of the financial products acquired under the relevant transactions on the market is less than $2 million; or

(b)

it is a prescribed wholesale market; or

(c)

it is a prescribed exempt market.

(2)

The relevant transactions on the market for the purpose of subsection (1)(a) are—

(a)

if the market has been in operation for a full financial year of the market operator, the transactions entered into on the market during that financial year:

(b)

if paragraph (a) does not apply, all of the transactions entered into on the market in the previous 12 months.