Financial Markets Authority Act 2011

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Reprint as at 1 December 2014

Financial Markets Authority Act 2011

Public Act2011 No 5
Date of assent18 April 2011
Commencementsee section 2

Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This Act is administered by the Ministry of Business, Innovation, and Employment.


Contents

1 Title

2 Commencement

Part 1
Preliminary provisions

3 Purpose of this Act

4 Interpretation

5 Act binds the Crown

Part 2
Financial Markets Authority

Establishment of FMA

6 Financial Markets Authority established

7 FMA is Crown entity

FMA's main objective and functions

8 FMA's main objective

9 FMA's functions

Membership of board of FMA

10 Membership of board of FMA

11 Associate members

12 Associate member treated as member of board

13 Removal of associate members

Provisions relating to divisions

14 FMA may act by divisions

15 Membership, chairperson, meetings, and resolutions of division

16 Powers of division

Provisions relating to meetings of FMA

17 Quorum for meetings of FMA

18 Completion of proceedings where member unable to attend meeting

19 Assent to resolution without meeting

Miscellaneous matters

20 Minister may request that FMA inquire and report

21 Provisions relating to Government Superannuation Fund

22 Protection from liability for FMA and members and employees

23 FMA's warnings, reports, guidelines, or comments protected by qualified privilege

24 Evidence of orders and decisions of FMA

Part 3
General information-gathering and enforcement powers

Subpart 1General information-gathering powers

Power to obtain information, documents, and evidence

25 FMA may require person to supply information, produce documents, or give evidence

26 Powers of FMA to receive evidence

27 How evidence may be given

28 Witnesses' expenses

Power to enter and search place, vehicle, or other thing

29 Power to enter and search place, vehicle, or other thing

Subpart 2Sharing information and documents

Power to share information and documents with other law enforcement or regulatory agencies and overseas regulators

30 Sharing of information and documents with law enforcement or regulatory agencies and overseas regulators

Power to act on requests of overseas regulators

31 Power of FMA to act on requests of overseas regulators

32 FMA's consideration of requests

Conditions

33 Conditions that may be imposed on providing information, documents, or evidence to other agencies or regulators

Subpart 3FMA may exercise person’s right of action

34 FMA may exercise person’s right of action

35 Requirements for FMA exercising person’s right of action

36 High Court may grant leave in certain circumstances

37 Procedural requirements for leave to exercise person’s right of action

38 Powers of High Court for proceedings exercising person’s right of action

39 Representative actions

40 FMA must consult person A

41 Proceedings must not be settled, compromised, or discontinued without approval

42 Special limitation provision

43 Transitional provisions

Subpart 4Other powers

Power to make confidentiality orders

44 Power to make confidentiality orders

45 Publication or disclosure with FMA's consent

Power to accept undertakings

46 FMA may accept undertakings

46A Undertaking may include requirements as to compensation or penalties

47 Enforcement of undertakings

Power to state case for opinion of High Court

48 FMA may state case for opinion of High Court

Power to appear and be heard and adduce evidence

48A FMA may appear and be heard and adduce evidence

Power to require warning to be disclosed

49 FMA may require its warning to be disclosed

50 FMA must give notice of orders

51 Offence of failing to comply with order

Subpart 5Miscellaneous provisions relating to powers

FMA may authorise person to obtain information or documents

52 Power to authorise person to obtain information or documents

53 Requirements for persons authorised to obtain information or documents

54 Non-disclosure of information or documents from exercise of powers under section 25 except in certain circumstances

55 Protection from liability for persons exercising powers

Privileges

56 Witnesses and counsel to have privileges of witnesses and counsel in court

Effect of proceedings on exercise of powers

57 Effect of proceedings

58 Effect of final decision that exercise of powers under section 25 unlawful

Confidentiality

59 Confidentiality of information and documents

60 Conditions relating to publication or disclosure of information or documents

Other offences

61 Criminal liability for obstructing exercise of powers

Other miscellaneous provisions

62 Notices

63 Service of notices

64 Powers not limited

65 Limitation on disclosure of information obtained in FMA's operations

66 Part does not limit Privacy Act 1993

Part 4
Miscellaneous provisions

Subpart 1Fees, charges, costs, and levies

67 Regulations relating to fees, charges, and costs

68 Levy of financial markets participants and other persons registered or incorporated under Acts referred to in Schedule 1

69 FMA must consult about request for appropriation

Subpart 2Transitional provisions

70 Interpretation

Disestablishment of Securities Commission

71 Securities Commission disestablished

72 Consequences of disestablishment

73 References to Securities Commission

74 Transfer of employees

75 Effect of Act

76 Registers

Disestablishment of office of Government Actuary

77 Office of Government Actuary disestablished

78 Consequences of disestablishment

79 References to Government Actuary

80 Office of Government Actuary continues for limited purpose until 30 September 2011

Miscellaneous provisions

81 Ministry of Economic Development employees

Subpart 3Amendments to other enactments

82 Amendments to other enactments

83 Transitional provisions relating to consequential amendments to Unit Trusts Act 1960

84 Amendments consequential on replacement of Commission by FMA

85 Amendments consequential on replacement of Government Actuary by FMA

Schedule 1
Financial markets legislation

Schedule 2
Provisions relating to search power

[Repealed]

Schedule 3
Amendments to other enactments

Schedule 4
Amendments to replace references to Securities Commission or Government Actuary

Reprint notes