Financial Markets (Conduct of Institutions) Amendment Act 2022

Coat of Arms of New Zealand

Financial Markets (Conduct of Institutions) Amendment Act 2022

Public Act
 
2022 No 36
Date of assent
 
29 June 2022
Commencement
 
see section 2

Contents

1Title
2Commencement
3Principal Act
4Section 5 amended (Overview)
5Section 6 amended (Interpretation)
6Section 386 amended (Overview)
7Section 387 amended (Territorial scope for licensing and other regulation of certain market services)
8Section 388 amended (When provider of market services needs to be licensed)
9Section 389 amended (Exemptions from need for market services licence)
10Section 403 amended (When FMA may impose permitted conditions)
11New section 409A inserted (Restriction on suspending or cancelling licence to act as financial institution)
409ARestriction on suspending or cancelling licence to act as financial institution
12New subpart 6A of Part 6 inserted
446AOverview
446BTerritorial scope of subpart
446CWhat is the fair conduct principle
446DWhen fair conduct principle applies
446EMeaning of financial institution
446FMeaning of relevant service and associated product
446GDuty to establish, implement, and maintain effective fair conduct programme
446HDuty to make information about fair conduct programme publicly available
446IDuty to comply with fair conduct programme
446JMinimum requirements for fair conduct programme
446KFinancial institution must comply with incentives regulations
446LIntermediary must comply with incentives regulations
446MMeaning of incentive
446NFMA must obtain consent of Commerce Commission before commencing certain proceedings
446OPecuniary penalty order may not be made if failure relates only to certain legal obligations
446POther definitions used in subpart
446QMeaning of intermediary
446RProtection of person who reports contravention or failure to comply
446SPresumption relating to consumer insurance contract
446TEffect of certificate from policyholder or client
446URevocation of certification
446VApplication of subpart to Lloyd’s underwriters
446WReview of subpart and licensing requirement for financial institutions
13Section 449 amended (Part 6 services provisions)
14New section 449A and cross-heading inserted
449ALloyd’s, Lloyd’s underwriter, or Lloyd’s managing agent must comply with term or condition of licensing exemption for Lloyd’s underwriters
15Section 468 amended (When FMA may make direction orders)
16Section 469 amended (Terms of direction orders)
17Section 489 amended (When court may make pecuniary penalty orders)
18Section 498 amended (Terms of other civil liability orders)
19Section 506 replaced (Only 1 pecuniary penalty order may be made for same conduct)
506Only 1 pecuniary penalty may be imposed for same conduct
20Section 507 amended (No pecuniary penalty and fine for same conduct)
21Section 546 amended (Regulations for purposes of Part 6 (market services))
22Section 550 amended (Procedural requirements for regulations relating to exemptions, exclusions, and definitions)
23Schedule 4 amended
24Principal Act
25Section 4 amended (Interpretation)
26Consequential amendments to other enactments
Legislative history
Administrative information

The Parliament of New Zealand enacts as follows: