This order is the Financial Markets Legislation (Phase 1) Commencement Order 2014.

(1) The following provisions of the Financial Markets Conduct Act 2013 come into force on 1 April 2014:

• (a) Part 1 (preliminary provisions):

• (b) Part 2 (fair dealing), other than—

  • (i) sections 23 to 27 (which relate to unsubstantiated representations):

  • (ii) sections 34 to 37 (which relate to offers in the course of unsolicited meetings):

• (c) those provisions of Part 6 (licensing and other regulation of market services) that are not already in force on 1 April 2014, other than—

  • (i) sections 388 and 389 (which relate to when a provider of market services needs to be licensed and exemptions):

  • (ii) section 422(a) (which relates to the application of subpart 4 to the provision of discretionary investment management services):

  • (iii) section 429(a) and (b) (which relate to the application of subpart 5 to the provision of discretionary investment management services and derivatives issuers):

  • (iv) subpart 6 (additional regulation of discretionary investment management services):

• (d) Part 7 (financial reporting) (as replaced by section 48 of the Financial Reporting (Amendments to Other Enactments) Act 2013):

• (e) Part 8 (enforcement, liability, and appeals), other than—

  • (i) sections 470 to 473 (which relate to various FMA orders):

  • (ii) sections 510 and 511 (which relate to offences for defective disclosure):

• (f) section 597 (transitional provisions) (but only for the purpose of the provisions of Schedule 4 that are coming into force under paragraph (h)):

• (g) the following provisions of Schedule 1 (provisions relating to exclusions):

  • (i) clause 1 (overview of Part):

  • (ii) clause 2 (Part subject to FMA's power to require disclosure):

  • (iii) clause 6 (offers of financial products through licensed intermediaries):

  • (iv) clause 8 (offers under employee share purchase schemes):

  • (v) clause 9 (offers to persons under control do not need disclosure):

  • (vi) clause 10 (offers of financial products under dividend reinvestment plans):

  • (vii) clauses 12 to 14 (which relate to small offers):

  • (viii) clause 15 (offers of controlling interest where 5 or fewer investors):

  • (ix) clause 19 (exclusion for offers of financial products of same class as quoted financial products):

  • (x) clause 21 (offers of category 2 products or debt securities by registered banks), other than paragraph (b):

  • (xi) clauses 25 to 29 (which relate to limited disclosure and other requirements) (including clause 27A as inserted by section 60 of the Financial Reporting (Amendments to Other Enactments) Act 2013):

  • (xii) clauses 48 and 49 (control and other definitions for schedule):

• (h) the following provisions of Schedule 4 (transitional provisions):

  • (i) clause 1 (overview):

  • (ii) clause 2 (transitional provisions subject to transitional regulations and exemptions):

  • (iii) clause 3 (interpretation):

  • (iv) clauses 13(2) and (3) and 14 (which relate to fair dealing):

  • (v) clause 51 (section 10A of Auditor Regulation Act 2011 also applies to exemptions granted under Securities Act 1978):

  • (vi) clause 58 (exclusions for employee share purchase schemes and small offers can take into account offers under former law):

  • (vii) clause 59 (additional Securities Act 1978 exemption).

(2) Sections 23 to 27 of the Financial Markets Conduct Act 2013 come into force on 17 June 2014.

The following provisions of the Financial Markets (Repeals and Amendments) Act 2013 come into force on 1 April 2014:

• (a) sections 6 to 9 (amendments to the Fair Trading Act 1986):

• (b) sections 10, 11, 13, 35, 37 to 39, 41, 42(1) to (3), 43 to 47, 49, 52, 53, 58, and 61(2) to (10) (various amendments to the Financial Advisers Act 2008):

• (c) section 42(4), other than as far as it relates to new subsection (1A):

• (d) sections 62, 64, 65, 66(1), 67 to 69, 70(1), (4), and (6), and 71 (various amendments to the Financial Markets Authority Act 2011):

• (e) section 150 (amendments to other enactments) (but only for the purpose of the items that are coming into force under paragraph (f)):

• (f) the following items in the Schedule (consequential amendments):

  • (i) the item relating to the definition of issuer audit in the item relating to the Auditor Regulation Act 2011:

  • (ii) the item relating to new section 10A in the item relating to the Auditor Regulation Act 2011:

  • (iii) the items relating to section 383 in the item relating to the Companies Act 1993, other than the items relating to section 383(1)(c)(i) and (4A):

  • (iv) the item relating to section 385(3) in the item relating to the Companies Act 1993:

  • (v) the item relating to section 5(ab) in the item relating to the Financial Service Providers (Registration and Dispute Resolution) Act 2008:

  • (vi) the item relating to section 8A in the item relating to the Financial Service Providers (Registration and Dispute Resolution) Act 2008:

  • (vii) the second item relating to Schedule 2 in the item relating to the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (relating to persons who hold, or are authorised bodies under, a market services licence):

  • (viii) the item relating to the definition of infringement notice in the item relating to the Summary Proceedings Act 1957:

  • (ix) the items relating to section 44G in the item relating to the Takeovers Act 1993.