Schedule 1 of the FMC Act sets out a series of statutory exclusions where lighter compliance paths are appropriate. These include exclusions that are due to the circumstances of the:
- offer - for example, an offer through a licensed crowd funding platform
- investor - for example, an offer to a wholesale investor
- issuer - for example, an offer by a registered bank.
Depending on the exclusion, limited or no disclosure may be required.
There is also a requirement to notify the FMA if you are using the small offers exclusion. Notifications must be made within 1 month of the end of the accounting period in which the offer is made. There is no need to notify us if you intend to raise capital using any of the other exclusions. See more on notifications.
Our Schedule 1 offers table, summarises the circumstances where the disclosure exclusions in Part 1 of Schedule 1 are available and what the associated limited disclosure and other requirements (if any) are for each exclusion.
Offers under Schedule 1 in general do not trigger the ongoing financial reporting obligations in Part 7 of the FMC Act. See our financial reporting pages for more information.
Failure to comply with the Schedule 1 exclusion limited disclosure and other requirements in the FMC Regulations may incur civil and criminal liability consequences. However, your offer won't be invalidated, and the financial products offered won't be invalid, void or voidable.
More information
- See our FAQs for specific questions on Schedule 1 offers.
