Financial Markets Authority Bill

  • enacted

Hon Simon Power

Financial Markets Authority Bill

Government Bill

211—3A

As reported from the committee of the whole House

Contents

Bill note

Key

1 Title

2 Commencement

Part 1
Preliminary provisions

3 Purpose of Parts 1 to 4

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

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

40 Representative actions

40A FMA must consult person A

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

41A Special limitation provision

41B Transitional provisions

Subpart 4Other powers

Power to make confidentiality orders

42 Power to make confidentiality orders

43 Publication or disclosure with FMA's consent

Power to accept undertakings

44 FMA may accept undertakings

45 Enforcement of undertakings

Power to state case for opinion of High Court

46 FMA may state case for opinion of High Court

Power to require warning to be disclosed

47 FMA may require its warning to be disclosed

47A FMA must give notice of orders

47B Offence of failing to comply with order

Subpart 5Miscellaneous provisions relating to powers

FMA may authorise person to obtain information or documents

48 Power to authorise person to obtain information or documents

49 Requirements for persons authorised to obtain information or documents

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

52 Protection from liability for persons exercising powers

Privileges

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

Effect of proceedings on exercise of powers

54 Effect of proceedings

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

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

Confidentiality

55A Confidentiality of information and documents

55B Conditions relating to publication or disclosure of information or documents

Other offences

56 Criminal liability for obstructing exercise of powers

Other miscellaneous provisions

57 Notices

58 Service of notices

59 Powers not limited

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

61 Part does not limit Privacy Act 1993

Part 4
Miscellaneous provisions

Subpart 1Fees, charges, costs, and levies

62 Regulations relating to fees, charges, and costs

62 Regulations relating to fees, charges, and costs

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

64 FMA must consult about request for appropriation

Subpart 2Transitional provisions

65 Interpretation

Disestablishment of Securities Commission

66 Securities Commission disestablished

67 Consequences of disestablishment

68 References to Securities Commission

69 Transfer of employees

70 Effect of Act

71 Registers

Disestablishment of office of Government Actuary

72 Office of Government Actuary disestablished

73 Consequences of disestablishment

74 References to Government Actuary

74A Office of Government Actuary continues for limited purpose until 30 September 2011

Miscellaneous provisions

75 Ministry of Economic Development employees

Subpart 3Amendments to other enactments

76 Amendments to other enactments

76A Transitional provisions relating to consequential amendments to Unit Trusts Act 1960

77 Amendments consequential on replacement of Commission by FMA

78 Amendments consequential on replacement of Government Actuary by FMA

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Schedule 1
Financial markets legislation

Schedule 2
Provisions relating to search power

Schedule 3
Amendments to other enactments

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

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Legislative history


The Parliament of New Zealand enacts as follows:

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