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Financial Markets Authority Act 2011

General information-gathering and enforcement powers - FMA may exercise person’s right of action

37: Procedural requirements for leave to exercise person’s right of action

You could also call this:

“Steps the FMA must follow to take action for someone else”

When the Financial Markets Authority (FMA) wants to take action on behalf of someone else, they need to follow certain steps. First, they have to ask the High Court for permission. This is called applying for leave.

When the FMA applies for leave, they usually have to tell the person they want to take action for. They do this by giving them a notice. Sometimes, the High Court might say they don’t have to do this.

The person who the FMA wants to take action for can go to court and say what they think about it. If they do go to court, they have to tell the High Court if they plan to start or continue their own court case about the same thing.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3231719.

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36: High Court may grant leave in certain circumstances, or

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Part 3 General information-gathering and enforcement powers
FMA may exercise person’s right of action

37Procedural requirements for leave to exercise person’s right of action

  1. The FMA must serve notice of an application for leave under section 36 on person A (unless the High Court orders otherwise).

  2. In relation to that application for leave, person A—

  3. may appear and be heard; and
    1. must, if person A appears, inform the High Court whether person A intends to commence or continue proceedings.