Financial Markets Conduct Act 2013

Transitional provisions on and after effective date

20 Ongoing requirements of this Act apply on and after effective date

(1)

On and after the effective date for a particular security to which this Part applies, the following apply to the security (and, in the case of a managed investment product, to the managed investment scheme to which it relates):

(a)

subpart 4 of Part 3 of this Act (ongoing disclosure) other than section 95:

(b)

Part 4 of this Act (governance of financial products):

(c)

Part 7 of this Act (financial reporting):

(d)

any regulations made for the purposes of subpart 4 of Part 3, Part 4, or Part 7 of this Act:

(e)

any other provision of this Act relating to the enforcement, application, or effect of subpart 4 of Part 3, Part 4, or Part 7 of this Act.

(2)

The provisions referred to in subclause (1) apply with all necessary modifications as if the security had been offered and allotted under a regulated offer under this Act.

(2A)

For the purposes of subclause (1), the security must, on and after the effective date, be treated as being a regulated product under section 451(a) and, accordingly, the issuer must be treated as being an FMC reporting entity (unless section 452 applies).

(2B)

See section 56 of the Financial Reporting Act 2013 (which provides for the former law to generally continue to apply to accounting periods that commence before the commencement of that Act).

(3)

However, subclause (1) and clauses 21, 22, and 30 (obligations relating to registration of a scheme under this Act) do not apply to a security if,—

(a)

before the effective date, the security is cancelled, redeemed, or forfeited, or all of the obligations owing under the security have been discharged; or

(b)

on the effective date, the security is not a financial product within the meaning of section 7 (but see clause 33); or

(c)

under the 1978 Act, the security was a debt security but, as a result of section 5(2C) or (3) of that Act, section 33(2) of that Act did not apply to the security; or

(d)

under the 1978 Act, the security was a participatory security but, as a result of section 5(3) of that Act, section 33(3) of that Act did not apply to the security.

Schedule 4 clause 20(2A): inserted, on 1 April 2014, by section 61(1) of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).

Schedule 4 clause 20(2B): inserted, on 1 April 2014, by section 61(1) of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).