A market services licence for a provider of a crowd funding service or a peer-to-peer lending service is subject to a condition that the provider must notify the FMA, in accordance with subclauses (2) and (3), if the provider knows or suspects that an issuer that uses the service has committed, is committing, or is likely to commit—
(a)
a significant contravention of Part 2 of the Act (which relates to fair dealing) in connection with the use of the service; or
(b)
a contravention of the $2 million aggregate limit referred to in clause 7 of Schedule 8.