Part 3 General information-gathering and enforcement powers

Subpart 1—General information-gathering powers

Power to obtain information, documents, and evidence

25 FMA may require person to supply information, produce documents, or give evidence

(1)

If the FMA considers it necessary or desirable for the purposes of performing or exercising its functions, powers, or duties under this Act or any provision of the financial markets legislation, the FMA may, by written notice served on any person, require the person—

(a)

to supply to the FMA, within the time and in the manner specified in the notice, any information or class of information specified in the notice; or

(b)

to produce to the FMA, or to a person specified in the notice acting on its behalf in accordance with the notice, any document or class of documents specified in the notice (within the time and in the manner specified in the notice); or

(c)

if necessary, to reproduce, or assist in reproducing, in usable form, information recorded or stored in any document or class of documents specified in the notice (within the time and in the manner specified in the notice); or

(d)

to appear before the FMA, or a specified person, at a time and place specified in the notice to give evidence, either orally or in writing, and produce any document or class of documents specified in the notice.

(2)

The FMA may also exercise its powers under subsection (1) for the purposes of complying with the request of an overseas regulator under section 31 or otherwise co-operating with an overseas regulator.

(3)

Information supplied in response to a notice under subsection (1)(a) must be—

(a)

given in writing; and

(b)

signed in the manner specified in the notice.

(4)

If a document is produced in response to a notice under subsection (1), the FMA, or the person to whom the document is produced, may—

(a)

inspect and make records of that document; and

(b)

take copies of the document or extracts from the document.

(5)

In this section and sections 26 and 27, specified person means—

(a)

a member or an employee of the FMA; or

(b)

another person to whom the board of the FMA has delegated the power to receive the relevant evidence (being a person that the FMA is satisfied is suitably qualified or trained, or is a member of a class of persons who are suitably qualified or trained, to exercise the power).

(6)

Subpart 5 contains miscellaneous provisions relating to the powers in this subpart.

Compare: 1978 No 103 ss 67, 68, 69D; 1986 No 5 s 98