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Financial Markets Authority Act 2011

Financial Markets Authority - Provisions relating to divisions

14: FMA may act by divisions

You could also call this:

“The FMA can split up its work into different teams”

The Financial Markets Authority (FMA) or its chairperson can decide that different parts of the FMA can handle different matters. This means they can split up their work. They can also change or cancel these decisions if they need to. When they make, change, or cancel a decision like this, they need to write it down and have three members or the chairperson sign it. This rule is different from what’s usually done in other government organisations. The FMA board can still give some of its jobs or powers to others to do, just like other government organisations can.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3231075.

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Part 2 Financial Markets Authority
Provisions relating to divisions

14FMA may act by divisions

  1. The FMA or chairperson may determine that the powers of the FMA in relation to any matter or class of matters may be exercised by separate divisions of the FMA.

  2. The FMA or chairperson may revoke or amend a determination made under subsection (1).

  3. Every determination (or revocation or amendment of a determination) must be recorded in writing and signed by 3 members or the chairperson.

  4. The powers in this section are an exception to clause 14 of Schedule 5 of the Crown Entities Act 2004.

  5. This section does not limit the power of the board of the FMA to delegate any of the functions or powers of the FMA or the board under section 73 of the Crown Entities Act 2004.

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