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Financial Markets Authority Act 2011

General information-gathering and enforcement powers - General information-gathering powers - Power to enter and search place, vehicle, or other thing

29: Power to enter and search place, vehicle, or other thing

You could also call this:

“FMA can allow searches of places and things to find proof of broken financial rules”

The Financial Markets Authority (FMA) can allow certain people to search places, vehicles, or other things. They can do this if they think someone might have broken financial market rules. The FMA needs good reasons to suspect someone has broken the rules and to believe they’ll find proof during the search.

The person doing the search can only enter if the owner agrees or if they get a special permission called a warrant. A judge or similar person can give a warrant if they agree there are good reasons for the search.

The FMA can choose its own employees or other qualified people to do these searches. These people are called “specified persons”.

When doing these searches, the FMA and the specified persons have to follow most of the rules in the Search and Surveillance Act 2012. This helps make sure the searches are done fairly and properly.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3231098.

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Part 3 General information-gathering and enforcement powers
General information-gathering powers: Power to enter and search place, vehicle, or other thing

29Power to enter and search place, vehicle, or other thing

  1. The FMA may authorise a specified person to enter and search a place, vehicle, or other thing for the purpose of ascertaining whether a person has engaged in or is engaging in conduct that constitutes or may constitute a contravention, or being involved in a contravention, of any provision of the financial markets legislation if the FMA is satisfied that there are reasonable grounds—

  2. to suspect that person has engaged in or is engaging in conduct that constitutes or may constitute such a contravention or involvement; and
    1. to believe that the search will find evidential material in or on or part of the place, vehicle, or thing.

      1. A specified person authorised under subsection (1) may enter and search the place, vehicle, or other thing if—

      2. the occupier of the place consents or the person in charge of the vehicle or thing consents (as the case may be); or
        1. the specified person obtains a warrant under subsection (3).

          1. An issuing officer (within the meaning of section 3 of the Search and Surveillance Act 2012) may issue a search warrant in relation to a place, vehicle, or thing, on an application made in the manner provided by subpart 3 of Part 4 of that Act by a specified person authorised under subsection (1), if the issuing officer is satisfied that there are reasonable grounds to—

          2. suspect that a person has engaged in or is engaging in conduct that constitutes or may constitute a contravention, or being involved in a contravention, of any provision of the financial markets legislation; and
            1. believe that the search will find evidential material in or on or part of the place, vehicle, or thing.

              1. In this section,—

                specified person means—

                1. an employee of the FMA; or
                  1. any other person that the FMA is satisfied is suitably qualified or trained, or is a member of a class of persons who are suitably qualified or trained, to act under this section

                  2. The provisions of Part 4 of the Search and Surveillance Act 2012 (except sections 118 and 119) apply, with any necessary modifications.

                  Notes
                  • Section 29(1): amended, on , by section 65(1) of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                  • Section 29(1)(a): amended, on , by section 65(2) of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                  • Section 29(3): amended, on , by section 245(3)(a) of the Search and Surveillance Act 2012 (2012 No 24).
                  • Section 29(3): amended, on , by section 245(3)(b) of the Search and Surveillance Act 2012 (2012 No 24).
                  • Section 29(3)(a): amended, on , by section 65(1) of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                  • Section 29(3)(b): amended, on , by section 245(4) of the Search and Surveillance Act 2012 (2012 No 24).
                  • Section 29(4): amended, on , by section 245(5) of the Search and Surveillance Act 2012 (2012 No 24).
                  • Section 29(4) evidential material: repealed, on , by section 245(6) of the Search and Surveillance Act 2012 (2012 No 24).
                  • Section 29(4) thing: repealed, on , by section 245(6) of the Search and Surveillance Act 2012 (2012 No 24).
                  • Section 29(4) vehicle: repealed, on , by section 245(6) of the Search and Surveillance Act 2012 (2012 No 24).
                  • Section 29(5): replaced, on , by section 245(7) of the Search and Surveillance Act 2012 (2012 No 24).