Part 1 Preliminary provisions

3 Purpose of this Act

The purpose of this Act is to—

(a)

establish the Financial Markets Authority as an independent Crown entity for the purposes of section 7 of the Crown Entities Act 2004; and

(b)

state the Financial Markets Authority’s main objective and its functions; and

(c)

provide for the Financial Markets Authority to have certain general information-gathering and enforcement powers; and

(d)

provide for the disestablishment of the Securities Commission and of the office of the Government Actuary.