This act creates a new organisation called the Financial Markets Authority. This authority is set up as an independent Crown entity, which means it operates separately from the government but is still part of the public sector. You can find out more about what a Crown entity is in section 7 of the Crown Entities Act 2004.
The act explains what the Financial Markets Authority is supposed to do and what its main goal is. It also gives the authority special powers to gather information and enforce rules.
As part of setting up this new authority, the act also gets rid of two other organisations: the Securities Commission and the office of the Government Actuary. These are being replaced by the Financial Markets Authority.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3231004.
2: Commencement, or
"When this law starts working"
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.
