5 Offers to relatives


An offer of financial products to a relative of the offeror or of a director of the offeror does not require disclosure under Part 3 of this Act.


In this clause, relative, in relation to a person (A), means any of the following:


A’s spouse, civil union partner, or de facto partner (B):


a grandparent, parent, child, grandchild, brother, sister, nephew, niece, uncle, aunt, or first cousin of A or B, whether or not by a step relationship:


a spouse, civil union partner, or de facto partner of a person who is a relative under paragraph (b):


a trustee of a trust under which A, or a relative of A (under paragraphs (a) to (c)), is a beneficiary who—


is presently entitled to a share of the trust estate or of the income of the trust estate; or


is, individually or together with other beneficiaries, in a position to control the trustee:


a trustee of a trust if—


the trust is a family trust within the meaning of section 173M(5) of the Tax Administration Act 1994; and


a majority of the individuals who are beneficiaries under the trust are relatives of A (under paragraphs (a) to (c)).