Financial Markets Supervisors Act 2011

  • Previous title has changed

Reprint as at 1 December 2014

Financial Markets Supervisors Act 2011

Public Act2011 No 10
Date of assent18 April 2011
Commencementsee section 2
  • Act name: amended, on 1 December 2014, by section 111(1)(a) of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).


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

Title

1 Title

2 Commencement

Part 1
Preliminary provisions

3 Purpose

4 Interpretation

5 Act binds the Crown

Part 2
Regulation of supervisors

Subpart 1Licensing of supervisors

Requirement to be licensed, etc

6 Supervisor must be licensed

7 Licensee must comply with conditions imposed on licence

8 Prohibition on holding out

9 Requirement to be licensed: exception for certain FMA appointees

Licences: general

10 FMA may license supervisors

11 FMA may impose conditions on licence

12 Duration of licence

13 Information to be stated in licence

14 FMA must send licence and details to licensee and others

Applications for, to vary, or to cancel licences

15 Application for, or to vary, licence

16 Decision on application for, or to vary, licence

17 Application to cancel licence

18 Notice, consultation, and submissions concerning decision under section 16(1)

19 Appeal to High Court against FMA's decision on application

Expiry of licences and temporary appointment powers for expiries and other vacancies

20 Effect of expiry of licence

21 Licensee must apply for new licence or notify issuer or operator before licence expires

22 FMA may make temporary appointment

23 Issuer or operator may replace existing appointee or FMA appointee

24 Existing appointee must provide documents

Subpart 2Monitoring and enforcement

Reports and investigations

25 Licensee must deliver regular reports to FMA

26 Licensee must report breach of licensee obligation, etc

Action plans

27 FMA may require licensee to submit action plan

28 Approval or rejection of action plan

29 FMA's powers if action plan rejected

Variation of licences

30 FMA may vary licence because of material change of circumstances, etc

31 Appeal to High Court against FMA's decision to vary licence

Removal of licensee and variation and cancellation of licences

32 FMA's powers if action plan not submitted, etc

33 Removal notice

34 Variation notice

35 Cancellation notice

36 Removal notice: FMA may give direction to existing appointee

37 Removal notice: FMA may replace existing appointee

38 Replacement notice: affected person may replace existing appointee or FMA appointee

39 Notice requiring documents: existing appointee, etc, must provide documents

40 Appeal to High Court against removal notice, etc

FMA appointee's powers and duties

40A FMA appointee has powers and duties of supervisor

Pecuniary penalty and compensation orders

41 Pecuniary penalty orders

42 Compensation orders

43 Further provisions relating to pecuniary penalty orders and compensation orders

Part 3
FMA's functions in relation to issuers and operators

[Repealed]

Duties of trustees and statutory supervisors to FMA in relation to issuers

[Repealed]

44 Application of Part 3 to statutory supervisors of retirement villages [Repealed]

45 FMA may require trustee or statutory supervisor to attest as to issuer's compliance with issuer obligations [Repealed]

46 Trustee or statutory supervisor must report breach or possible breach of issuer obligation [Repealed]

47 Trustee or statutory supervisor must disclose information to FMA in certain circumstances [Repealed]

48 Protection for trustee or statutory supervisor in respect of disclosure [Repealed]

FMA's powers in relation to issuers

[Repealed]

49 FMA may give direction to trustee or statutory supervisor to avoid material prejudice [Repealed]

50 FMA may apply to High Court for orders relating to securities [Repealed]

Part 4
Miscellaneous and amendments to other Acts

Subpart 1Miscellaneous

Directions

51 FMA may vary or cancel direction

52 Protection for supervisor who complies with FMA's direction

Regulations

53 Regulations

Transitional provisions

54 Temporary licences

55 Limitation of Act in relation to existing KiwiSaver schemes

56 FMA may grant exemptions

Subpart 2Amendments to other Acts

Amendments to Corporations (Investigation and Management) Act 1989

57 Amendments to Corporations (Investigation and Management) Act 1989

58 New section 11 substituted

59 Section 12 repealed

60 Amendments to Financial Markets Authority Act 2011

Amendments to Financial Service Providers (Registration and Dispute Resolution) Act 2008

61 Amendments to Financial Service Providers (Registration and Dispute Resolution) Act 2008

Amendments to KiwiSaver Act 2006

62 Amendments to KiwiSaver Act 2006

Amendments to Retirement Villages Act 2003

63 Amendments to Retirement Villages Act 2003

64 Section 37 repealed

65 Operator must appoint statutory supervisor

66 Registrar's consent required for termination or non-renewal of appointment

Amendments to Securities Act 1978

67 Amendments to Securities Act 1978

68 Restrictions on offer of securities to the public

69 New section 48 substituted

70 Trustees and statutory supervisors may apply to court for orders relating to securities

71 New section 50C inserted

72 When court may make management banning orders

73 Regulations and Orders in Council

Amendment to Securities Markets Act 1988

74 Amendment to Securities Markets Act 1988

Amendment to Takeovers Act 1993

75 Amendment to Takeovers Act 1993

Amendments to Trustee Companies Act 1967

76 Amendments to Trustee Companies Act 1967

Amendments to Unit Trusts Act 1960

77 Amendments to Unit Trusts Act 1960

78 Section 5 repealed

79 Appointment of trustee

80 New section 10 substituted

81 Implied provisions in trust deed

82 Meeting of unit holders

83 New section 19A inserted

84 Regulations

Financial Markets (Repeals and Amendments) Act 2013

Reprint notes


  • Title: amended, on 1 December 2014, by section 111(1)(a) of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

The Parliament of New Zealand enacts as follows: