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Financial Markets Authority Act 2011

Financial Markets Authority - Membership of board of FMA

11: Associate members

You could also call this:

“FMA board can have special helpers chosen by the Minister”

The Minister can choose someone to be an associate member of the FMA board. The Minister needs to talk to the chairperson before doing this. There can be no more than 5 associate members at a time.

When the Minister picks an associate member, they have to say what kind of work the member will do. This could be for one specific task or a group of tasks. The Minister also has to say how long the associate member will serve, but it can’t be longer than 5 years.

Associate members can’t be the chairperson, deputy chairperson, or a temporary deputy chairperson of the board.

This rule is a bit different from what another law says about how to choose board members for government organisations.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3231071.

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Part 2 Financial Markets Authority
Membership of board of FMA

11Associate members

  1. The Minister may appoint any person to be an associate member of the board of the FMA after consulting the chairperson.

  2. The Minister may appoint no more than 5 associate members.

  3. Subsection (1) applies despite section 28(1)(b) of the Crown Entities Act 2004.

  4. An associate member may be appointed only in relation to a matter or a class of matters to be specified in the member's notice of appointment, and for the period, not exceeding 5 years, that is specified in that instrument.

  5. An associate member may not be appointed as chairperson, deputy chairperson, or a temporary deputy chairperson under clause 5 of Schedule 5 of the Crown Entities Act 2004.

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