Hon Simon Power
Government Bill
211—3A
As reported from the committee of the whole House
Bill note
Key
1 Title
2 Commencement
Part 1Preliminary provisions
3 Purpose of Parts 1 to 4
4 Interpretation
5 Act binds the Crown
Part 2Financial 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 3General 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
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 2—Sharing 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 3—FMA 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 4—Other 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 5—Miscellaneous 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
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 4Miscellaneous provisions
Subpart 1—Fees, charges, costs, and levies
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 2—Transitional 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 3—Amendments 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
Legislative history
The Parliament of New Zealand enacts as follows: