Financial Markets Conduct Act 2013

29 Regulations may prevent exclusions from applying in inappropriate circumstances

(1)

An exclusion under any of clauses 3 to 24 does not apply—

(a)

in the circumstances prescribed by regulations made under this clause; or

(b)

if any additional requirements prescribed by regulations made under this clause are not satisfied.

(2)

The Governor-General may, by Order in Council, on the recommendation of the Minister in accordance with subclause (3), make regulations—

(a)

prescribing circumstances in which an exclusion referred to in subclause (1) does not apply:

(b)

prescribing additional requirements that must be satisfied before an exclusion referred to in subclause (1) may apply:

(c)

prescribing transitional and savings provisions in connection with any regulations made under paragraph (a) or (b).

(3)

The Minister must, before making a recommendation under subclause (2),—

(a)

consult the FMA; and

(b)

be satisfied that the regulations are needed in order to prevent an exclusion referred to in subclause (1) from applying in inappropriate circumstances, having regard to whether the exclusion may cause significant detriment to investors.