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Licensed market
Practical Law ANZ Glossary w-020-8344 (Approx. 2 pages)
Glossary
Licensed market
A financial product market that is licensed under Part 5 of the Financial Markets Conduct Act 2013 (FMCA 2013), subject to any regulations made under section 351(1)(d) of the FMCA 2013.
A financial product market is a facility by means of which:
- Offers to acquire or dispose of financial products are made or accepted.
- Offers or invitations are made to acquire or dispose of financial products that are intended to result or may reasonably be excepted to result, directly or indirectly, in:
- the making of offers to acquire or dispose of financial products; or
- the acceptance of offers of that kind.
A facility is not a financial product market to the extent it constitutes:
- A person making or accepting offers or invitations to acquire or dispose of financial products on the person's own behalf or on behalf of one party to the transaction only (such as a continuous issuer of financial products).
- An issuer or a related body corporate of an issuer matching persons who wish to acquire financial products of that issuer with persons who wish to dispose of financial products of that issuer (whether at a specified price or otherwise).
- A service that is covered by a market services license.
- Any other conduct of a kind prescribed by the regulations.
Section 309(2)(a) of the FMCA 2013 does not apply if the conduct of a person is declared by notice of the Financial Markets Authority under section 562(1)(i) of the FMCA 2013 to be conduct that is not exempt.