Corporations Regulations 2001

SCHEDULE 10AA - MODIFICATIONS OF THE ACT IN RELATION TO THEIR APPLICATION IN RESPECT OF A RECOGNISED OFFER OR A PROPOSED OFFER OF SECURITIES THAT MAY BECOME A RECOGNISED OFFER  

(regulation 8.4.02 )

PART 2 - MODIFICATION OF PART 7.9 OF THE ACT - DISCLOSURE TO INVESTORS NOT REQUIRED FOR RECOGNISED OFFER UNDER CHAPTER 8  

SECTION 2.3  

2.3    

After subsection 1012IA(3)

insert

(3A)
In determining whether this section requires a provider to give a client a Product Disclosure Statement, Chapter 8 is to be disregarded.

(3B)
A provider is not required to give a client a Product Disclosure Statement for a financial product if:

(a) the provider reasonably believes there is a recognised offer under Chapter 8 in relation to the financial product; and

(b) the financial product is an interest in a managed investment scheme governed by the laws of New Zealand; and

(c) the provider has provided the client the documents and information required to accompany that offer by the Financial Markets Conduct Act 2013 of New Zealand and the Financial Markets Conduct Regulations 2014 of New Zealand; and

(d) the provider has provided the client any warning statement or details prescribed under section 1200E in relation to the offer.

(3C)
For paragraph (3B)(c), section 1015C applies to the providing of documents and information, as if the documents and information were a Statement.

(3D)
For paragraph (3B)(d), section 1015C applies to the providing of warning statement or details prescribed under section 1200E , as if the warning statement or details were a Statement.

Note Subsection 1012D(9E) of the Act is a modification of the Act that relates to Chapter 8 of the Act. The modification applies by force of:

(a) regulation 8.4.01 of the Corporations Regulations 2001 ; and

(b) item 18.1 of Part 18 of Schedule 10A to those Regulations.