Reprint as at 30 May 2017

Coat of Arms of New Zealand

Financial Markets Authority Act 2011

Public Act
 
2011 No 5
Date of assent
 
18 April 2011
Commencement
 
see 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

1Title
2Commencement
3Purpose of this Act
4Interpretation
5Act binds the Crown
6Financial Markets Authority established
7FMA is Crown entity
8FMA’s main objective
9FMA’s functions
10Membership of board of FMA
11Associate members
12Associate member treated as member of board
13Removal of associate members
14FMA may act by divisions
15Membership, chairperson, meetings, and resolutions of division
16Powers of division
17Quorum for meetings of FMA
18Completion of proceedings where member unable to attend meeting
19Assent to resolution without meeting
20Minister may request that FMA inquire and report
21Provisions relating to Government Superannuation Fund
22Protection from liability for FMA and members and employees
23FMA’s warnings, reports, guidelines, or comments protected by qualified privilege
24Evidence of orders and decisions of FMA
25FMA may require person to supply information, produce documents, or give evidence
26Powers of FMA to receive evidence
27How evidence may be given
28Witnesses’ expenses
29Power to enter and search place, vehicle, or other thing
30Sharing of information and documents with law enforcement or regulatory agencies and overseas regulators
31Power of FMA to act on requests of overseas regulators
32FMA’s consideration of requests
33Conditions that may be imposed on providing information, documents, or evidence to other agencies or regulators
34FMA may exercise person’s right of action
35Requirements for FMA exercising person’s right of action
36High Court may grant leave in certain circumstances
37Procedural requirements for leave to exercise person’s right of action
38Powers of High Court for proceedings exercising person’s right of action
39Representative actions
40FMA must consult person A
41Proceedings must not be settled, compromised, or discontinued without approval
42Special limitation provision
43Transitional provisions
44Power to make confidentiality orders
45Publication or disclosure with FMA’s consent
46FMA may accept undertakings
46AUndertaking may include requirements as to compensation or penalties
47Enforcement of undertakings
48FMA may state case for opinion of High Court
48AFMA may appear and be heard and adduce evidence
49FMA may require its warning to be disclosed
50FMA must give notice of orders
51Offence of failing to comply with order
52Power to authorise person to obtain information or documents
53Requirements for persons authorised to obtain information or documents
54Non-disclosure of information or documents from exercise of powers under section 25 except in certain circumstances
55Protection from liability for persons exercising powers
56Witnesses and counsel to have privileges of witnesses and counsel in court
57Effect of proceedings
58Effect of final decision that exercise of powers under section 25 unlawful
59Confidentiality of information and documents
60Conditions relating to publication or disclosure of information or documents
61Criminal liability for obstructing exercise of powers
62Notices
63Service of notices
64Powers not limited
65Limitation on disclosure of information obtained in FMA’s operations
66Part does not limit Privacy Act 1993
67Regulations relating to fees, charges, and costs
68Levy of financial markets participants and other persons registered or incorporated under Acts referred to in Schedule 1
69FMA must consult about request for appropriation
70Interpretation
71Securities Commission disestablished
72Consequences of disestablishment
73References to Securities Commission
74Transfer of employees
75Effect of Act
76Registers
77Office of Government Actuary disestablished
78Consequences of disestablishment
79References to Government Actuary
80Office of Government Actuary continues for limited purpose until 30 September 2011
81Ministry of Economic Development employees
82Amendments to other enactments
83Transitional provisions relating to consequential amendments to Unit Trusts Act 1960
84Amendments consequential on replacement of Commission by FMA
85Amendments consequential on replacement of Government Actuary by FMA
[Repealed]
Reprint notes