Plain language law

New Zealand law explained for everyone

Financial Markets Authority Act 2011

Financial Markets Authority - Provisions relating to divisions

16: Powers of division

You could also call this:

“The FMA can use smaller groups to make decisions and do tasks”

When the Financial Markets Authority (FMA) needs to decide on something, they can use a smaller group called a division. This division has the same powers as the whole FMA for the specific task they’re working on. The FMA can create these divisions to handle different matters.

If someone leaves the division or new people join, it doesn’t change what the division can do. They can keep working on their task without any problems.

The FMA can have more than one division working at the same time. Each division can make decisions and use their powers, even if another division is doing something else at the same moment.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3231077.

Topics:
Money and consumer rights > Banking and loans Money and consumer rights > Consumer protection Government and voting > Government departments Business > Industry rules Business > Fair trading
Previous

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

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

Next

17: Quorum for meetings of FMA, or

"How many FMA members must attend meetings for decisions to be made"

Part 2 Financial Markets Authority
Provisions relating to divisions

16Powers of division

  1. For the purposes of determining any matter or class of matters specified in a determination under section 14,—

  2. the FMA consists of the division of the FMA specified in the determination; and
    1. the powers of that division are not affected by any changes or vacancies in its membership.

      1. A division of the FMA may exercise powers of the FMA even though another division of the FMA is exercising powers of the FMA at the same time.

      Compare