Financial Markets Authority Act 2011

9 FMA’s functions

(1)

The FMA’s functions are as follows:

(a)

to promote the confident and informed participation of businesses, investors, and consumers in the financial markets, including (without limitation) by—

(i)

collecting and disseminating information or research about any matter relating to those markets:

(ii)

issuing warnings, reports, or guidelines, or making comments, about any matter relating to those markets, financial markets participants, or other persons engaged in conduct relating to those markets (including in relation to 1 or more particular persons):

(iii)

providing information about its functions, powers, and duties under this Act and other enactments (including promoting awareness by investors that all investments involve risks and that it is not the role of the FMA to remove those risks):

(iv)

providing, or facilitating the provision of, public information and education about any matter relating to those markets:

(v)

stating whether or not, or in what circumstances, the FMA intends to take or not take action over a particular state of affairs or particular conduct (for example, to give a person some level of certainty that the FMA will take no further action in relation to a matter):

(b)

to perform and exercise the functions, powers, and duties conferred or imposed on it by or under the financial markets legislation and any other enactments:

(c)

to monitor compliance with, investigate conduct that constitutes or may constitute a contravention or an involvement in a contravention of, and enforce—

(i)

the Acts referred to in Part 1 of Schedule 1 (and the enactments made under those Acts); and

(ii)

the Acts referred to in Part 2 of Schedule 1 (and the enactments made under those Acts) to the extent that those Acts or other enactments apply, or otherwise relate, to financial markets participants:

(d)

to monitor, and conduct inquiries and investigations into any matter relating to, financial markets or the activities of financial markets participants or of other persons engaged in conduct relating to those markets:

(e)

to keep under review the law and practices relating to financial markets, financial markets participants, and other persons engaged in conduct relating to those markets:

(f)

to co-operate with—

(i)

any other law enforcement or regulatory agency (including under section 30):

(ii)

overseas regulators (including under section 30 or 31).

(2)

Subsection (1)(b) and (c) do not limit the functions, powers, and duties conferred or imposed on any other person in respect of financial markets legislation.

(3)

The fact that some other person has functions, powers, and duties in respect of financial markets legislation does not limit or restrict the FMA’s functions, powers, and duties in respect of that legislation.

(4)

Except as expressly provided otherwise in this or any other Act, the FMA must act independently in performing its statutory functions and duties, and exercising its statutory powers, under—

(a)

this Act; and

(b)

any other Act that expressly provides for the functions, powers, or duties of the FMA (other than the Crown Entities Act 2004).

Compare: 1978 No 103 s 10

Section 9(1)(a)(v): inserted, on 1 April 2014, by section 64(1) of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 9(1)(c): amended, on 1 April 2014, by section 64(2) of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).