Financial Markets Supervisors Act 2011

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Version as at 28 October 2021

Coat of Arms of New Zealand

Financial Markets Supervisors Act 2011

Public Act
2011 No 10
Date of assent
18 April 2011
see 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).


The Parliamentary Counsel Office has made editorial and format changes to this version using the powers under subpart 2 of Part 3 of the Legislation Act 2019.

Note 4 at the end of this version provides a list of the amendments included in it.

This Act is administered by the Ministry of Business, Innovation, and Employment.


5Act binds the Crown
6Supervisor must be licensed
7Licensee must comply with conditions imposed on licence
8Prohibition on holding out
9Requirement to be licensed: exception for certain FMA appointees
10FMA may license supervisors
11FMA may impose conditions on licence
12Duration of licence
13Information to be stated in licence
14FMA must send licence and details to licensee and others
15Application for, or to vary, licence
16Decision on application for, or to vary, licence
17Application to cancel licence
18Notice, consultation, and submissions concerning decision under section 16(1)
19Appeal to High Court against FMA’s decision on application
20Effect of expiry of licence
21Licensee must apply for new licence or notify issuer or operator before licence expires
22FMA may make temporary appointment
23Issuer or operator may replace existing appointee or FMA appointee
24Existing appointee must provide documents
25Licensee must deliver regular reports to FMA
26Licensee must report breach of licensee obligation, etc
27FMA may require licensee to submit action plan
28Approval or rejection of action plan
29FMA’s powers if action plan rejected
30FMA may vary licence because of material change of circumstances, etc
31Appeal to High Court against FMA’s decision to vary licence
32FMA’s powers if action plan not submitted, etc
33Removal notice
34Variation notice
35Cancellation notice
36Removal notice: FMA may give direction to existing appointee
37Removal notice: FMA may replace existing appointee
38Replacement notice: affected person may replace existing appointee or FMA appointee
39Notice requiring documents: existing appointee, etc, must provide documents
40Appeal to High Court against removal notice, etc
40AFMA appointee has powers and duties of supervisor
41Pecuniary penalty orders
42Compensation orders
43Further provisions relating to pecuniary penalty orders and compensation orders
44Application of Part 3 to statutory supervisors of retirement villages [Repealed]
45FMA may require trustee or statutory supervisor to attest as to issuer’s compliance with issuer obligations [Repealed]
46Trustee or statutory supervisor must report breach or possible breach of issuer obligation [Repealed]
47Trustee or statutory supervisor must disclose information to FMA in certain circumstances [Repealed]
48Protection for trustee or statutory supervisor in respect of disclosure [Repealed]
49FMA may give direction to trustee or statutory supervisor to avoid material prejudice [Repealed]
50FMA may apply to High Court for orders relating to securities [Repealed]
51FMA may vary or cancel direction
52Protection for supervisor who complies with FMA’s direction
54Temporary licences
55Limitation of Act in relation to existing KiwiSaver schemes
56FMA may grant exemptions
57Amendments to Corporations (Investigation and Management) Act 1989
58New section 11 substituted
11Disclosure of information to Registrar by statutory supervisor of retirement village
59Section 12 repealed
60Amendments to Financial Markets Authority Act 2011
61Amendments to Financial Service Providers (Registration and Dispute Resolution) Act 2008
62Amendments to KiwiSaver Act 2006
63Amendments to Retirement Villages Act 2003
64Section 37 repealed
65Operator must appoint statutory supervisor
66Registrar’s consent required for termination or non-renewal of appointment
67Amendments to Securities Act 1978
68Restrictions on offer of securities to the public
69New section 48 substituted
48Removal of trustees and statutory supervisors
70Trustees and statutory supervisors may apply to court for orders relating to securities
71New section 50C inserted
50CProtection for auditors
72When court may make management banning orders
73Regulations and Orders in Council
74Amendment to Securities Markets Act 1988
75Amendment to Takeovers Act 1993
76Amendments to Trustee Companies Act 1967
77Amendments to Unit Trusts Act 1960
78Section 5 repealed
79Appointment of trustee
80New section 10 substituted
10Removal of trustees
81Implied provisions in trust deed
82Meeting of unit holders
83New section 19A inserted
19ATrustee may apply to High Court for orders relating to unit trust

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: