Financial Markets Conduct Act 2013

If you need more information about this Act, please contact the administering agency: Ministry of Business, Innovation, and Employment
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Reprint as at 15 September 2018

Coat of Arms of New Zealand

Financial Markets Conduct Act 2013

Public Act
2013 No 69
Date of assent
13 September 2013
see section 2

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This Act is administered by the Ministry of Business, Innovation, and Employment.


3Main purposes
4Additional purposes
7Meaning of financial product
8Definitions relating to kinds of financial products
9Definitions of financial benefit and of managed investment scheme
10Miscellaneous matters relating to definition of derivative
11Definitions of issued and issuer
12Meaning of associated person and related body corporate
13Miscellaneous interpretation provisions relating to statements and information
14Status of examples
15Act binds the Crown
16Application of Act
18Interpretation in this Part
19Misleading or deceptive conduct generally
20Misleading conduct in relation to financial products
21Misleading conduct in relation to financial services
22False or misleading representations
23Unsubstantiated representations
24Court must have regard to certain matters
25Limitation on commencement of proceedings in relation to unsubstantiated representations
26Section 23 does not apply to representations in PDSs, register entries, or other disclosure documents
27Section 23 subject to other enactments
28Certain conduct does not contravene various provisions
29Limited application of provisions in relation to newspapers, magazines, broadcasting, etc
30Defence for publisher
31Licensed market operator does not contravene by notifying disclosures
32Other exceptions
33Territorial scope of sections 19 to 23
34Prohibition of offers in course of unsolicited meetings with persons acting otherwise than in trade
35Right to withdraw
36Offeror obligations if notice of withdrawal given
37Director not liable if no misconduct or negligence
38Civil liability for certain contraventions of this Part
39Issue offers that need disclosure
40Sale offers that need disclosure
41Meaning of regulated offer and of regulated product
42Regulated offers that need to meet additional governance requirements
43Options over financial products
44Treatment of offers of convertible financial products
45Treatment of offers of renewals and variations
46Offers of financial products involving customised terms
47Territorial scope of Part
48PDS must be prepared and lodged
49Purpose of PDS
50PDS must be given if offer requires disclosure
51Certain situations in which section 50 does not need to be complied with
52PDS treated as having been given if application form used was included in, or accompanied by, PDS
53Offence to knowingly or recklessly contravene section 50
54Right to withdraw
55Offeror obligations if notice of withdrawal given
56Director not liable if no misconduct or negligence
57Disclosure of material information and content of PDS and register entry
58Register entry not required in prescribed circumstances
59Meaning of material information in this Part
60Consent of experts and persons who make endorsements
61PDS must be worded and presented in clear, concise, and effective manner
62PDS must comply with prescribed requirements relating to form and presentation
63Supply of prescribed information
64Registrar must notify FMA of lodgement of PDS
65Waiting period after lodgement before processing applications for financial products
66FMA may extend period
67Waiting period restriction does not prevent offeror from acting under another PDS
68FMA may remove restrictions if its consideration complete or consideration or further consideration unnecessary
69Waiting period does not usually apply to continuous issue PDSs
70No guarantee or representation as to compliance
71When supplementary document or replacement PDS may be lodged
72Supplementary document
73Replacement PDS
74Registrar must notify FMA of lodgement of supplementary document or replacement PDS
75Publication of lodgement
76When register entry may be amended
77Minimum number or amount condition must be fulfilled before issue or transfer
78Issue or transfer void if quotation condition not fulfilled
79Application of section 80
80Choices open to offeror
81Director not liable if no misconduct or negligence
82False or misleading statements, omissions, and new matters requiring disclosure
83Persons who must inform offeror about disclosure deficiencies
85How offeror must deal with applications on expiry
86Director not liable if no misconduct or negligence
87Money for financial products must be held in trust
88Offering financial products of entity that does not exist
89Advertising for regulated offers
90Distribution of PDS or registered documents
91Advertising before PDS lodged
92Advertising after PDS lodged
93Documents to which subpart does not apply
94Defence for publishers
95Duty to notify changes to Registrar
96Information to be made available to investors, FMA, Registrar, or other prescribed persons
97Information to be made publicly available
98Issuer must provide information to Registrar
99Defective ongoing disclosure
100Issuer or offeror must provide confirmation
101Part 3 offer provisions
103Need for governing document and supervisor for regulated offer of debt security
104Contents of trust deed for debt securities
105Limits on permitted exemptions and indemnities
106Trust deed must be legally enforceable
107Effect of trust deed
108Changes to trust deed
109Power to make FMA-approved changes to trust deeds
110Lodging of changes to trust deed
111Functions of supervisor
112General duties applying in exercise of supervisor’s functions
113Duty of supervisor to comply with professional standard of care
114Duty of issuer to provide reports to supervisor
115Duty of issuer to provide requested information and reports to supervisor
116Issuer must report contravention or possible contravention of issuer obligations
117Restriction on use of reports on contraventions
118Duty of issuer to report serious financial problems
119Power of supervisor to engage expert
120Meetings of product holders
121Supervisor’s attendance at meetings of product holders and power to appoint chair
122Change of supervisor
123Lodging of notice of change of supervisor
125Need to register managed investment scheme for regulated offer of managed investment product
126Application for registration
127Initial and ongoing registration requirements for all managed investment schemes
128Additional initial and ongoing registration requirements for KiwiSaver schemes
129Additional initial and ongoing registration requirements for superannuation schemes
130Additional initial and ongoing registration requirements for workplace savings schemes
131Additional ongoing registration requirements for restricted schemes
132Additional prescribed registration requirements for other particular prescribed types of schemes
133Manager must ensure that ongoing registration requirements are complied with
134Changes to registration as particular type of registered scheme
135Contents of governing document for registered scheme
136Limits on permitted exemptions and indemnities
137Governing document must be legally enforceable
138Effect of governing document
139Changes to governing document
140Power to make FMA and court-approved changes to governing documents
141Lodging of changes to governing document
142Management and administration functions of manager
143General duties applying in exercise of manager’s functions
144Duty of manager and investment manager to comply with relevant professional standard of care
145Duties of directors and senior managers of manager
146Contracting out of management functions
147Duty of manager to provide reports to supervisor or FMA
148Duty of manager to provide requested information and reports to supervisor
149Duty of manager to report contravention or possible contravention of issuer obligations
150Restriction on use of reports on contraventions
151Duty of manager to report serious financial problems
152Functions of supervisor
153General duties applying in exercise of supervisor’s functions
154Duty of supervisor to comply with professional standard of care
155Power of supervisor to engage expert
156Requirement to have supervisor or other independent person as custodian
157Custodian holds scheme property on trust
158Custodian must keep records of scheme property
159Custodian must report on scheme property
160Duty of supervisor to refuse to act on wrongful directions
161Meetings of scheme participants
162Supervisor’s attendance at meetings of scheme participants and power to appoint chair
163Manager and associated persons cannot vote if interested in resolution
164Requirement for statement of investment policy and objectives
165Changes to statement of investment policy and objectives
166Lodging of statement of investment policy and objectives and changes to statement
167Action that must be taken on limit breaks
168Action that must be taken on pricing errors and failure to comply with pricing methodologies
169Actuarial examination of defined benefit scheme or life benefit scheme
170Power of manager to adjust financial benefits to comply with portfolio investment entity rules
171Limits on reversion of scheme property in certain schemes to non-scheme participant contributor
172Definition of related party benefit
173General prohibition on transactions giving related party benefits
174Certain related party benefits permitted
175Requirements for certificates as to related party benefits
176Additional restrictions on acquisitions by restricted schemes of in-house assets
177General duties not affected
178Application of scheme participant transfer rules
179Methods of transfer of scheme participants to another scheme or another section of scheme
180Transfer of substantial numbers of scheme participants with scheme participant consent
181Transfer with FMA consent
182Transfers from KiwiSaver scheme
183Deferred benefits
184Application of sections 185 to 192
185Removal of manager of registered scheme
186Supervisor or FMA may make temporary appointment
187Term, powers, and duties of temporary manager
188FMA’s costs must be reimbursed from scheme
189Supervisor or FMA must take reasonable steps to arrange for new appointment
190Former manager must hand over records and give reasonable assistance
191Statutory novation of rights, obligations, and liabilities of former manager
192Lodging of notice of changes to manager
193Change of supervisor
194Lodging of notice of change of supervisor
195Cancellation of registration
196Registrar must remove scheme from register on cancellation of registration
198Duty of auditor to report to supervisor or FMA
199Duty of auditor, investment manager, administration manager, custodian, or actuary to report serious problems
200What person must do if duty to report serious problem applies
201Protections extend to volunteers of supporting information for other protected disclosures
202FMA may require supervisor to attest as to issuer’s compliance with issuer obligations
203Duty of supervisor to report contravention or possible contravention of issuer obligations to FMA
204Duty of supervisor to report serious financial problems to FMA
205FMA’s powers of direction
206FMA’s directions to supervisor (or issuer)
207Power of supervisor or FMA to apply for order to remedy problems
208Court orders to remedy problems
209Power of court to appoint new manager, provide for manager powers, and deal with changes of managers
210Power of court to direct supervisor
211Court power to order winding up of scheme
212Initial steps in winding up of registered scheme
213Winding-up report
214Protection for persons in respect of disclosure under this subpart or subpart 4
215Issuers must keep registers of regulated products
216Manner of keeping registers
217Contents of registers
218Audit or review of registers
219Auditor must advise if auditor considers that subpart is not being complied with
220Issuer must notify Registrar of registers
221Public inspection of register
222Manner of inspection
223Copies of documents
224Reasons for request must be given and FMA may authorise non-compliance
225Restriction on use of information in registers
226Certain provisions prevail over Companies Act 1993
227Copies of documents must be retained for 7 years
228Part 4 governance provisions
229Additional purposes of Part
231Meaning of material information
232Meaning of generally available to the market
233Certain derivatives treated as being quoted financial products of listed issuer
234Meaning of information insider, inside information, and adviser
235Relevant interests in financial products (basic rule)
236Extension of basic rule to powers or controls exercisable through trust, agreement, etc
237Extension of basic rule to interests held by other persons under control or acting jointly
238Situations not giving rise to relevant interests
239Territorial scope
240Prohibition on insider conduct
241Information insider must not trade
242Information insider must not disclose inside information
243Information insider must not advise or encourage trading
244Criminal liability for insider conduct
245Exception for trading required by enactment or rule of law
246Exception for disclosure required by enactment or rule of law or by FMA
247Exception for disclosure in connection with preparing PDS or limited disclosure document
248Exceptions in respect of underwriting agreements
249Exceptions in case of knowledge of person’s own intentions or activities
250Exceptions in case of knowledge in relation to derivatives
251Exception for agent executing trading instruction only
252Exceptions from section 241 for takeovers
253Exceptions from sections 242 and 243 for takeovers
254Exceptions for schemes of arrangement approved under Companies Act 1993
255Exception for redemption of managed investment products
256Exception for Reserve Bank
257Absence of knowledge of trading
258Inside information obtained by independent research and analysis
259Equal information
260Options and trading plans
261Chinese wall defence
262False or misleading statement or information
263Exception for takeovers
264Criminal liability for false or misleading statement or information
265False or misleading appearance of trading
266Exception for short selling and crossings
267Persons treated as contravening false or misleading appearance of trading prohibition
269Criminal liability for false or misleading appearance of trading
270Listed issuers must disclose in accordance with listing rules if continuous disclosure listing rules apply
271What are continuous disclosure provisions
272No contravention of continuous disclosure provisions by person who takes reasonable steps to ensure listed issuer complies
273Purposes of subpart
274Meaning of substantial product holder, substantial holding, and percentage
275Person may be treated as holding financial products where person has relevant interest in certain derivatives
276Persons must disclose if begin to have substantial holding
277Substantial product holders must disclose if subsequent movement of 1% or more in holdings
278Substantial product holders must disclose if subsequent changes in nature of relevant interests
279Persons must disclose if cease to have substantial holding
280What disclosure required
281Form and method of disclosure
282Listed issuer must give acknowledgement of disclosure
283How to ascertain total financial products in class for purposes of disclosure
284Exemption for persons with interest in other substantial product holders who comply
285Exemption for corporate trustees and nominee companies
286Conditions of exemption for corporate trustees and nominee companies
287Exemption for persons under control or acting jointly with corporate trustees and nominee companies
288Extended time for disclosure for trustees, executors, and administrators
289FMA may require persons to disclose to market relevant interests and powers to acquire relevant interests
290Listed issuer may require registered holder or relevant interest holder to disclose relevant interests to it
291Listed issuer may require person who has relevant interest to disclose information to it
292Form and method of notice requiring disclosure
293Listed issuers must make available information on substantial holdings
294No liability for publication of substantial holdings
295Notice under this subpart not to affect incorporation of listed issuer or constitute notice of trust
296Purposes of subpart
297Directors and senior managers of listed issuers must disclose relevant interests and dealings in relevant interests
298Disclosure of relevant interests and dealings in relevant interests in relation to specified derivatives
299What disclosure required
300Form and method of disclosure
301Disclosure obligation applies for 6 months after ceasing to hold office
302Exemption for directors or senior managers who disclose substantial holdings
303Exemption for overseas listed issuers
303AExtended time for disclosure for trustees, executors, and administrators
304Listed issuer must keep interests register
305Public inspection of interests register
306Copies of documents
307Offences relating to interests register
308Principles guiding exercise of powers under this subpart
309What is a financial product market
310Need for financial product market licence
311Prohibitions on holding out
313When financial product market taken to be operated in New Zealand
314General obligations in respect of licensed markets
315Application for licence
316When licence may be issued
317When licence may be issued for overseas-regulated market
318Conditions of licence
319Procedural requirements
320Licence may cover more than 1 financial product market
321FMA must maintain list of licensed markets on Internet site
322Variation of conditions
323Minister may suspend or cancel licence
324Procedure for varying of conditions or suspension or cancellation of licence
325Effect of suspension
326Variation or revocation of suspension
327Licensed markets must be operated under market rules that comply with this subpart
328Required matters for market rules
329When market rules have effect
330Approval process for proposed market rules and rule changes
331Approval of proposed market rules and changes
332Notice of decision on rules
333Power of FMA to request changes to market rules on certain matters
334Overseas-regulated markets must give notice of market rules and rule changes to FMA
335Market rules must be available for public inspection
336Application of Acts relating to regulations to contractual market rules
337Licensed market operator must give report on compliance with market operator obligations to FMA
338FMA to carry out market operator obligations reviews
339FMA must make written report on market operator obligations review
340FMA may require licensed market operator to submit action plan on failure to meet market operator obligations
341Approval, amendment, or rejection of action plan
342Minister may give market operator obligations direction to licensed market operator
343Minister may vary, suspend, or cancel licence
344Power to impose control limits on licensed market operators
345Control limit not to be exceeded
346Effect of exceeding control limit
347Application for approval to exceed control limit
348Revocation or amendment of approval
349FMA may give advice to Minister
350Delegation of Minister’s licensing functions and powers to FMA
351Regulations modifying this Part or Part 7 for licensed markets
352Licensed market operator must notify FMA of disciplinary actions and suspected contraventions
353When notification required
354Details and method of notification
355Licensed market operator must ensure FMA has access to real-time trading and other information
356Waiver of notification and disclosure obligations
357Licensed market operator must give FMA or Takeovers Panel other information and assistance on request
358Power to disclose further information
359Licensed market operator must give notice and have regard to submissions on continuous disclosure determinations
360Limited notice and submissions for urgent determinations
361FMA may give directions to licensed market operators
362Grounds for continuous disclosure direction
363Grounds for other directions
364Notice, opportunity for licensed market operator to act, and submissions before FMA gives directions
365Limited notice and submissions for urgent continuous disclosure directions
366Notice and opportunity to be heard and represented after FMA gives direction
367Effect of directions to licensed market operator
368Provisions as to directions
369Contracting out of or modification of continuous disclosure process requirements
370Offence for failing to comply with direction
371Financial products to which this subpart applies
372Transfer of specified financial products by products transfer
373Transfer of specified financial products by products transfer and brokers transfer
374Products transfer does not need to be witnessed
375Transfers to be instruments of transfer for purposes of other enactments and instruments
376Approval of electronic transfer system
377Specified financial products may be transferred under approved system
378Minor technical modifications to system
379Registration may not be refused on ground that financial products have been transferred under this subpart
380Effect of this Act on other enactments
381Definitions relating to unsolicited offer regulations and related provisions
382Regulations concerning unsolicited offers
383Specific provisions for regulations concerning unsolicited offers
384Protection from liability in connection with unsolicited offer provisions
385Part 5 market provisions
387Territorial scope for licensing of certain market services
388When provider of market services needs to be licensed
389Exemptions from need for market services licence
390When providers of other market services may be licensed
391Prohibitions on holding out
392Meaning of discretionary investment management service and related terms
393Principles guiding the exercise of FMA powers
394FMA may issue licence
395Application for licence
396When licence must be issued
397Procedural requirements
398Notice of decision
399Licence must be issued for particular market services
400Licence may cover related bodies corporate as authorised bodies
401FMA must send licence details to Registrar
402Conditions of licence
403When FMA may impose permitted conditions
404Licensee may apply for variation of conditions
405Procedure for variation of conditions
406Consequences of contravening conditions
407Duration of licence
408When FMA may suspend or cancel licence
409Effect of expiry, suspension, or cancellation of licence on appointments
410Meaning of material change of circumstances
411Licensee must deliver reports to FMA
412Licensee must report certain matters
413Restriction on use of report
414FMA’s powers in case of contravention of market services licensee obligation, material change, etc
415Procedure for exercising powers
416Notice requirements
417Action plan
418Approval, amendment, or rejection of action plan
419Consequences of failure to submit action plan, rejection of action plan, or failure to comply with action plan
421Consequences of failure to comply with directions
422Application of subpart
423Disclosure must be made to retail investor
424Timing and method of disclosure
425Purpose of disclosure statement
426Disclosure statement
426AFurther prescribed information to be made available
427False or misleading statements and omissions
428Miscellaneous provisions relating to false or misleading statements and omissions
429Application of subpart
430Need for client agreement
431Contents, form, and effect of client agreement
432Application of subpart
433DIMS licensee’s duties
434Duties of directors and senior managers of DIMS licensee
435Duty of DIMS licensee to comply with professional standard of care
436Limits on permitted indemnities
437Requirement for agreed investment authority
438Action that must be taken on limit breaks
439Definition of related party benefits
440General prohibition on transactions giving related party benefits
441Certain related party benefits permitted
442Requirements for certificates as to related party benefits
443General duties still apply
444Meaning of investor money and investor property
445Requirements for custodian
446Certain broker obligations of Financial Advisers Act 2008 may be enforced also under this Act
447Application of regulations made under this subpart
448Regulations regulating holding and application of investor funds and property by derivatives issuers
449Part 6 services provisions
451Meaning of FMC reporting entity
452Company that issues equity securities not FMC reporting entity if fewer than 50 shareholders
453Recipients of money from conduit issuers
454Miscellaneous provisions relating to application
455FMC reporting entities must keep proper accounting records
456Place where accounting records to be kept
457Accounting records to be in English
458Period for which accounting records to be kept
459Inspection of accounting records
460Financial statements must be prepared
461Group financial statements must be prepared
461AFinancial statements for registered schemes and funds
461BFinancial statements for overseas FMC reporting entity to include financial statements for New Zealand business
461CFailure to comply with authoritative notice does not give rise to pecuniary penalty
461DFinancial statements must be audited
461EMeaning of qualified auditor
461FAudit must be carried out in accordance with auditing and assurance standards
461GAuditor’s report
461HLodgement of financial statements
461IOffence to knowingly fail to comply with financial reporting standards
461JExternal Reporting Board must have regard to indication of level of public accountability
461KFMC reporting entities considered to have higher level of public accountability
461LFMA may issue notice relating to level of public accountability
461MPart 7 financial reporting provisions
462When FMA may make stop orders
463Terms of stop order
464Meaning of restricted communication
465FMA may make interim stop order pending exercise of powers
466Persons to whom stop orders and interim stop orders may apply
467Extended application of subpart
468When FMA may make direction orders
469Terms of direction orders
470FMA may order that simplified disclosure PDS may not be used
471FMA may order that offer may not be made under recognition regime
472When FMA may make unsolicited offer orders
473Terms of unsolicited offer orders
474FMA may order that exclusion for offers of products of same class as quoted products does not apply
475FMA must follow steps before making orders
476FMA may shorten steps for specified orders
477FMA must give notice after making orders
478General provisions on FMA’s orders
479Consequences of failing to comply with FMA’s orders
480Court may grant injunctions
481When court may grant injunctions and interim injunctions
482Undertaking as to damages not required by FMA
483Court may make FMA orders under this Part
484Overview of civil liability
485What are civil liability provisions
486When court may make declarations of contravention
487Purpose and effect of declarations of contravention
488What declarations of contravention must state
489When court may make pecuniary penalty orders
490Maximum amount of pecuniary penalty
491Guidance for court on how to determine gains made or losses avoided for purposes of maximum amount
492Considerations for court in determining pecuniary penalty
493Court must order that recovery from pecuniary penalty be applied to FMA’s actual costs
494When court may make compensatory orders
495Terms of compensatory orders
496Person treated as suffering loss or damage in case of defective disclosure
497When court may make other civil liability orders
498Terms of other civil liability orders
499General defences for person in contravention
500Disclosure defences for person in contravention
501Additional disclosure or financial reporting defence for directors who are treated as contravening
501AAdditional defence for licensees who are treated as contravening
502Conduct still contravenes even if defence is available
503General defences for person involved in contravention
504Defendant must identify other person
505More than 1 civil liability order may be made for same conduct
506Only 1 pecuniary penalty order may be made for same conduct
507No pecuniary penalty and fine for same conduct
508Limitation defences
509Rules of civil procedure and civil standard of proof apply to civil liability
510Offence of knowingly or recklessly contravening prohibition on offers where defective disclosure in PDS or register entry
511Offence of knowingly or recklessly contravening other provisions relating to defective disclosure
512General offence for false or misleading statements
513Infringement offences
514Infringement notices
515Procedural requirements for infringement notices
516Payment of infringement fee
517When court may make banning orders
518Terms of banning orders
519Offence of contravening banning order
520Only 1 banning order may be made for same conduct
521General provisions for banning orders
522When court may make order to protect interests of aggrieved persons
523What orders may be made
524Interim orders
525Relationship with other law
526Prohibition on indemnities or insurance for directors or employees of issuers, offerors, or licensees that are not New Zealand companies
527Permitted indemnities for certain liabilities or costs
528Permitted insurance for certain liability or costs
529Prohibition on indemnity or insurance for auditors of issuers, offerors, or licensees
530Interpretation for this subpart
531Appeals against market services licence decisions
532Appeals against other decisions of FMA on questions of law only
533Involvement in contraventions
534Directors treated as having contravened in case of defective disclosure or financial reporting contravention
535State of mind of directors, employees, or agents attributed to body corporate or other principal
536Conduct of directors, employees, or agents attributed to body corporate or other principal
537Time for filing charging document for certain offences
538Jurisdiction of courts in New Zealand
539Orders to secure compliance
540General provisions as to court’s orders
541Persons entitled to appear before court
542Saving of liability under Crimes Act 1961 and general law
543Regulations for purposes of Part 3 (Disclosure of offers of financial products)
544Regulations for purposes of Part 4 (governance of financial products)
545Regulations for purposes of Part 5 (dealing in financial products on markets)
546Regulations for purposes of Part 6 (market services)
547Transitionals, savings, and orderly implementation of Act and related enactments [Repealed]
548Other regulations
549Minister must consult FMA about regulations
550Procedural requirements for regulations relating to exemptions, exclusions, and definitions
551Miscellaneous provisions relating to exemptions
552Miscellaneous provisions relating to fees and charges
553Miscellaneous provisions relating to implied provisions
554Regulations or exemptions may require compliance with generally accepted accounting practice, standards, or FMA frameworks or methodologies
555Different matters may be prescribed in respect of different circumstances
556FMA may grant exemptions
557Restriction on FMA’s exemption power
558Exemption in force for not more than 5 years
559Breach of exemption conditions
560Exemptions in respect of specified overseas jurisdictions
561Effect of exemptions on regulated offers
561AFinancial reporting exemptions
562FMA’s designation power
563Procedural requirements
564Transitional matters
565FMA may make interim orders pending exercise of powers
566Period in which interim order is in force
568FMA may specify frameworks or methodologies
570Application of subpart
571Status and publication of instruments
572Variation and revocation
573Purpose of this subpart
574Definition of country in this subpart
575Exemption from Act and regulations for New Zealand offers under recognition regime
576Power to exempt from Act and regulations under recognition regime
577Matters that must be stated in regulations implementing recognition regime
578FMA may declare failure to meet preconditions of recognition regime to be non-material
579Offence for breach of regulations implementing recognition regime
580Extension of Act and regulations to overseas offers under application regime
581Power to extend Act and regulations under application regime
582Matters that must be stated in regulations implementing application regime
583Purpose of this subpart
584Enforcement of overseas pecuniary penalties under application regime
585Power to enforce overseas penalties under application regime
587Registration of judgment
588Effect of registration
589Enforceability of registered judgment
590Stay may be granted
593Rules of private international law not to apply
594Other regulations for registration of judgments under application regime
596Schedule 3 schemes
597Transitional provisions
Reprint notes

The Parliament of New Zealand enacts as follows: