Plain language law

New Zealand law explained for everyone

Financial Markets Authority Act 2011

General information-gathering and enforcement powers - Miscellaneous provisions relating to powers - FMA may authorise person to obtain information or documents

52: Power to authorise person to obtain information or documents

You could also call this:

“FMA can let others collect information for them”

The Financial Markets Authority (FMA) can allow someone else to get information or documents for them. This is part of the Financial Markets Authority Act 2011.

You can get this permission from the FMA for two reasons:

  1. To help with this law, or other laws listed in Schedule 1, or rules made under these laws.
  2. To work with regulators from other countries when they ask for help.

The FMA can give this permission for one specific case or for many cases at once.

When the FMA gives someone this permission, they can ask for information or documents to be given to that person instead of to the FMA directly.

If you see someone trying to get information or documents like this, you can assume the FMA allowed them to do it unless you have proof they didn’t.

This rule works alongside another rule (Section 73 of the Crown Entities Act 2004) but doesn’t replace it.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3231742.

Topics:
Money and consumer rights > Banking and loans Money and consumer rights > Consumer protection Government and voting > Government departments Business > Industry rules Business > Fair trading
Previous

51: Offence of failing to comply with order, or

"Breaking the law by not following FMA orders"

Next

53: Requirements for persons authorised to obtain information or documents, or

"Rules for people allowed to get special information for the FMA"

Part 3 General information-gathering and enforcement powers
Miscellaneous provisions relating to powers: FMA may authorise person to obtain information or documents

52Power to authorise person to obtain information or documents

  1. The FMA may, in accordance with section 53, authorise any person to exercise any of the powers under section 25(1)(a) to (c) if exercising that power is for the purpose of—

  2. this Act or any Act listed in Schedule 1 or any enactment made under any of those Acts; or
    1. complying with the request of an overseas regulator under section 31 or otherwise co-operating with an overseas regulator.

      1. An authorisation under subsection (1) may relate to a particular case, or a class or classes of cases, specified by the FMA.

      2. For the purposes of subsection (1), a notice served under section 25(1)(a) to (c) may require the information or documents (as the case may be) to be supplied or produced to a person authorised under subsection (1) (rather than to the FMA).

      3. The fact that any person authorised by the FMA exercises, or attempts to exercise, any of the powers in section 25(1)(a) to (c) is sufficient evidence that the exercise of the power has been authorised by the FMA unless there is evidence to the contrary.

      4. Section 73 of the Crown Entities Act 2004 does not limit this section.

      Compare