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Financial Markets Authority Act 2011

Financial Markets Authority - Provisions relating to divisions

15: Membership, chairperson, meetings, and resolutions of division

You could also call this:

“Rules for setting up and running groups within the Financial Markets Authority”

When the Financial Markets Authority (FMA) creates divisions, they decide who will be part of each division. You need to know that:

Each division must have at least three people in it. The FMA or the chairperson chooses who will be in each division.

If the chairperson of the FMA is not part of a division, the FMA or the chairperson will pick one of the division members to be in charge of that division. This person is called the chairperson of the division.

These rules help make sure that each division has enough people to do its work and that someone is always in charge of the group.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3231076.

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14: FMA may act by divisions, or

"The FMA can split up its work into different teams"

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16: Powers of division, or

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Part 2 Financial Markets Authority
Provisions relating to divisions

15Membership, chairperson, meetings, and resolutions of division

  1. Each division consists of the members who are assigned to it for the time being by the FMA or chairperson.

  2. Each division must have at least 3 members.

  3. If the members assigned to a division do not include the chairperson, the FMA or chairperson must nominate 1 of those members as chairperson of the division.

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