Financial Service Providers (Registration and Dispute Resolution) Act 2008

Registration - Registration of financial service provider - Deregistration of financial service provider

18C: FMA may direct deregistration regardless of whether section 18(1) applies

You could also call this:

“FMA can remove a financial service provider from the register for any reason”

The Financial Markets Authority (FMA) can tell someone to stop being registered as a financial service provider. They can do this even if the reasons listed in section 18(1) don’t apply. The FMA uses section 18B to give this direction. This means the FMA has the power to remove a financial service provider from the register for reasons not specifically mentioned in the law.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6197867.


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18B: Consideration of deregistration of financial service provider by FMA, or

"FMA can check if a financial service provider should be taken off the list"


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19: Notice of intention to deregister, or

"Letting a financial service provider know they might be taken off the list"

Part 2 Registration
Registration of financial service provider: Deregistration of financial service provider

18CFMA may direct deregistration regardless of whether section 18(1) applies

  1. The FMA may give a direction under section 18B in relation to a person regardless of whether any of paragraphs (a) to (d) of section 18(1) apply.

Notes
  • Section 18C: inserted, on , by section 19 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).