Financial Markets Conduct Amendment Regulations 2015

2015/276

Coat of Arms of New Zealand

Financial Markets Conduct Amendment Regulations 2015

Jerry Mateparae, Governor-General

Order in Council

At Wellington this 16th day of November 2015

Present:
His Excellency the Governor-General in Council

Pursuant to subpart 1 of Part 9 and sections 448 and 576 of the Financial Markets Conduct Act 2013, His Excellency the Governor-General, acting on the advice and with the consent of the Executive Council and on the recommendation of the Minister of Commerce and Consumer Affairs made in accordance with sections 448(2), 549, 550, and 576(2) of that Act, makes the following regulations.

Contents

1Title
2Commencement
3Principal regulations
4Regulation 5 amended (Interpretation)
5Regulation 9 amended (General provision relating to statements in particular form, warning statements, etc)
6Regulation 12 amended (PDS, other disclosure document, or register entry not required to refer to matter that is not applicable)
7Regulation 22 amended (Content of PDS for offer of debt securities)
8Regulation 23 amended (Content of PDS for offer of equity securities)
9Regulation 32 amended (PDS may relate to more than 1 class of products, etc)
10Regulation 34 amended (Additional information)
11New regulation 42A inserted (Requirement to include all material information does not apply to simplified disclosure offers)
42ARequirement to include all material information does not apply to simplified disclosure offers
12New regulations 49A to 49I and cross-headings inserted
49AOffers of convertible financial products
49BRequirements that apply to convertibles
49CPDS and register entry requirements
49DConvertible debt securities issued by registered banks
49EModification of statement at start of PDS
49FAdditional information
49GSimplified disclosure offers for listed issuers
49HCleansing notice
49ICleansing notice may not be provided in certain circumstances
13Regulation 50 amended (Duty to notify changes to Registrar)
14Regulation 52 replaced (Annual confirmation notice for open PDS)
52Confirmation notice
52AAnnual confirmation notice
52BSupplementary confirmation notice if PDS or fund opens after being closed
15New regulation 53A inserted (Certain members of defined benefit schemes may request information)
53ACertain members of defined benefit schemes may request information
16Regulation 54 amended (Disclosure for unquoted convertible financial products where holder has option to convert)
17New regulation 54A and cross-heading inserted
54ACorrecting defective cleansing notice
18Regulation 56 amended (Duty to make fund update publicly available)
19Regulation 57 amended (Information at start of fund update)
20Regulation 58 replaced (Content of fund update)
58Content of fund update for funds
58AContent of fund update for specified multi-fund investment option or specified life cycle stage
21New regulation 61A inserted (Fund update must be given if PDS incorporates it by reference)
61AFund update must be given if PDS incorporates it by reference
22Regulation 65 amended (When confirmation information is provided)
23Regulation 68 amended (How confirmation information is provided)
24Regulation 71 amended (How confirmation information for KiwiSaver schemes, superannuation schemes, and workplace savings schemes is provided)
25New regulations 71A to 71C and cross-heading inserted
71AOngoing confirmation for derivatives
71BOngoing confirmation information for derivatives
71CHow ongoing confirmation information for derivatives is provided
26Regulation 87 amended (Custodian must obtain assurance engagement)
27Regulation 88 amended (Requirements of assurance engagement)
28Regulation 109 amended (Audit of particular register)
29New regulation 237A and cross-heading inserted
237ARequirements do not apply if money or property held solely for completing transaction or securing obligation
30Regulation 242 amended (When derivatives investor money ceases to be held on trust)
31Regulation 243 amended (When derivatives investor property ceases to be held on trust)
32Regulation 244 amended (Responsibilities of derivatives issuer in event of shortfall)
33New regulations 244A and 244B inserted
244AEquity-based reconciliation
244BCash-based reconciliation
34Regulation 246 amended (Insolvency)
35Regulation 264 amended (Precondition concerning pre-offer advertising)
36Subpart 4 heading in Part 9 amended
37New regulations 280A and 280B inserted
280ANotices or other documents given, provided, or served by FMA
280BHow FMA notices or other documents are given, provided, or served
38Schedule 1 amended
39Schedule 2 amended
40Schedule 3 amended
41Schedule 4 amended
42Schedule 5 amended
43Schedule 6 amended
44Schedule 8 amended
45Schedule 9 amended
46Schedule 21 amended
Explanatory note
Administrative Information