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Financial Markets Authority Act 2011

General information-gathering and enforcement powers - Sharing information and documents - Power to act on requests of overseas regulators

31: Power of FMA to act on requests of overseas regulators

You could also call this:

“FMA can help overseas regulators by gathering and sharing information”

The Financial Markets Authority (FMA) can help overseas regulators when they ask for assistance. If an overseas regulator asks the FMA to look into something related to their job, the FMA can do that.

To help the overseas regulator, the FMA can gather information, documents, or evidence. They can do this by using their powers or by letting someone else use some of those powers. They can also listen to people give evidence.

When the FMA uses its powers to help an overseas regulator, they have to say that’s what they’re doing in the notice they give out.

After the FMA has collected the information, documents, or evidence, they can send it to the overseas regulator. The FMA can choose how they want to send this information.

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30: Sharing of information and documents with law enforcement or regulatory agencies and overseas regulators, or

"FMA can share information with other agencies to help everyone do their job better"

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32: FMA's consideration of requests, or

"The FMA carefully considers requests from overseas before deciding to help"

Part 3 General information-gathering and enforcement powers
Sharing information and documents: Power to act on requests of overseas regulators

31Power of FMA to act on requests of overseas regulators

  1. An overseas regulator may request the FMA to inquire into any matter related to the functions of that overseas regulator.

  2. The FMA may obtain information, documents, or evidence that, in the FMA's opinion, is likely to assist the FMA in complying with that request by—

  3. exercising its powers under section 25 or authorising a person under section 52 to exercise powers under section 25(1)(a) to (c); or
    1. exercising its powers to receive evidence.

      1. If the powers under section 25 are exercised for the purposes of complying with that request, or otherwise co-operating with an overseas regulator, that fact must be specified in the notice that is served under section 25.

      2. The FMA may transmit the information, documents, or evidence obtained by it to the overseas regulator in the manner that the FMA thinks fit.

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