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Financial Markets Authority Act 2011

Financial Markets Authority - Provisions relating to meetings of FMA

18: Completion of proceedings where member unable to attend meeting

You could also call this:

“What happens if someone can't make it to an important FMA meeting?”

If you’re in a meeting with the Financial Markets Authority (FMA) and something happens, here’s what you need to know:

The FMA usually needs at least three people in their meetings to do important work. But sometimes, things can go wrong. A member might get sick, have an accident, or can’t come for some other reason. Or maybe their time as a member has ended, or they quit or were asked to leave.

If this happens and only two members are left, don’t worry! Those two members can still finish the work they started. They can keep investigating, asking questions, or doing whatever business they were working on.

When there are only two members left, both of them get to vote on decisions. If they don’t agree and there’s a tie, the person in charge (we call them the presiding member) gets to make the final decision.

This rule works for any part of the FMA, even if it’s just a small group working on something special.

Remember, if you want to know more about how many people need to be at FMA meetings normally, you can look at section 17(1) of the law.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3231080.

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17: Quorum for meetings of FMA, or

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Part 2 Financial Markets Authority
Provisions relating to meetings of FMA

18Completion of proceedings where member unable to attend meeting

  1. This section applies if—

  2. a meeting of the FMA with 3 or more members commences any proceeding, inquiry, investigation, or the transaction of other business; and
    1. the number of those members able to attend any subsequent meeting is reduced to 2 as a result of illness, accident, or other unavoidable cause, or the expiration of a member's term, or the resignation or removal from office of a member.

      1. Despite section 17(1), the remaining 2 members of the FMA constitute a quorum for the purposes of completing the proceeding, inquiry, investigation, or transaction of business.

      2. At a meeting of the FMA at which those 2 members are present, each of those members has a deliberative vote and, in the event of an equality of votes, the presiding member has a casting vote.

      3. This section applies whether or not a division of the FMA is acting.

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