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Financial Markets Authority Act 2011

Preliminary provisions

3: Purpose of this Act

You could also call this:

“This Act creates a new group to watch over money matters in New Zealand”

This Act sets up a new organisation called the Financial Markets Authority. The Financial Markets Authority is independent and works for the government. The Act explains what the Financial Markets Authority is meant to do and how it can do its job. It gives the Financial Markets Authority the power to gather information and enforce rules. The Act also gets rid of two other groups: the Securities Commission and the office of the Government Actuary.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3231029.

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2: Commencement, or

"When this law starts working"

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4: Interpretation, or

"Understanding key terms in the Financial Markets Authority Act"

Part 1 Preliminary provisions

3Purpose of this Act

  1. The purpose of this Act is to—

  2. establish the Financial Markets Authority as an independent Crown entity for the purposes of section 7 of the Crown Entities Act 2004; and
    1. state the Financial Markets Authority's main objective and its functions; and
      1. provide for the Financial Markets Authority to have certain general information-gathering and enforcement powers; and
        1. provide for the disestablishment of the Securities Commission and of the office of the Government Actuary.