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Financial Markets Authority Act 2011

General information-gathering and enforcement powers - Other powers - Power to accept undertakings

46: FMA may accept undertakings

You could also call this:

“FMA can accept written promises from people or companies about their work”

The Financial Markets Authority (FMA) can accept written promises from people or companies about things related to the FMA’s job. These promises are called undertakings. The FMA can accept these promises for any of its duties under this law or other laws.

Sometimes, the FMA might make a public statement about something. In these cases, people can give the FMA a written promise about that statement too.

If you’ve made a promise to the FMA, you can change it or take it back. But you need to ask the FMA first, and they have to say it’s okay.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3231729.

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45: Publication or disclosure with FMA's consent, or

"You can share secret information if the FMA says it's okay"

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46A: Undertaking may include requirements as to compensation or penalties, or

"Promises to fix mistakes in finance can include paying people back or paying fines"

Part 3 General information-gathering and enforcement powers
Other powers: Power to accept undertakings

46FMA may accept undertakings

  1. The FMA may accept a written undertaking given by, or on behalf of, a person in connection with a matter in relation to which the FMA is performing or exercising any of its functions, powers, or duties for the purposes of this Act or any other enactment.

  2. An undertaking may be given in connection with the FMA making a statement under section 9(1)(a)(v) (but this subsection does not limit subsection (1)).

  3. The person may withdraw or vary the undertaking with the consent of the FMA.

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Notes
  • Section 46(1A): inserted, on , by section 67 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).