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Financial Markets Authority Act 2011

General information-gathering and enforcement powers - Miscellaneous provisions relating to powers - Other offences

61: Criminal liability for obstructing exercise of powers

You could also call this:

“You can get in trouble if you don't cooperate with the Financial Markets Authority”

You can get in trouble with the law if you don’t follow the rules when the Financial Markets Authority (FMA) asks for information or tries to investigate something. Here’s what you need to know:

You might be breaking the law if you don’t do what the FMA asks in their official notice. This includes not giving them the information they want, or giving them false or misleading information.

It’s also against the law to stop or slow down someone who has a legal warrant from the FMA to investigate.

If the FMA asks you to come and answer questions, you need to show up. When you’re there, you have to tell the truth, answer their questions, and give them any documents they ask for. If you don’t, you could be in trouble.

It’s important not to try to trick the FMA or give them wrong information on purpose. You also need to follow any orders the FMA gives you.

If a company is asked to appear, they need to send someone to represent them. This person has to follow all the same rules as if they were appearing for themselves.

If you break any of these rules, you might have to pay a fine of up to $300,000.

Remember, it’s always best to be honest and cooperate with the FMA when they’re doing their job.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3231753.

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60: Conditions relating to publication or disclosure of information or documents, or

"Rules for sharing information: How the FMA protects privacy when giving out details"

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62: Notices, or

"Rules for sending official notices from the Financial Markets Authority"

Part 3 General information-gathering and enforcement powers
Miscellaneous provisions relating to powers: Other offences

61Criminal liability for obstructing exercise of powers

  1. Every person commits an offence who—

  2. refuses or fails, without reasonable excuse, to comply with a notice under section 25; or
    1. in purported compliance with a notice under section 25, supplies information, or produces a document, or gives evidence, knowing it to be false or misleading; or
      1. resists, obstructs, or delays a person acting under a warrant issued under section 29; or
        1. having been required under a notice under section 25(1)(d) to appear before the FMA or a specified person referred to in that paragraph, for the purposes of any matter, without reasonable excuse—
          1. refuses or fails to appear; or
            1. refuses to take an oath or affirmation as a witness; or
              1. refuses to answer any question; or
                1. refuses or fails to provide any document or information that the person is required to provide; or
                2. deceives or attempts to deceive or knowingly misleads the FMA or a specified person referred to in section 25(5) in providing evidence to either of them; or
                  1. wilfully acts in contravention of any order made by the FMA under section 44.

                    1. A body corporate commits an offence under subsection (1)(d) if it is required to appear under section 25(1)(d) and, without reasonable excuse, an authorised representative on its behalf refuses or fails to appear, refuses to take an oath or affirmation as a witness, refuses to answer any question, or refuses or fails to provide any document or information that the body corporate is required to provide.

                    2. Every person who commits an offence against subsection (1) is liable on conviction to a fine not exceeding $300,000.

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                    Notes
                    • Section 61(3): amended, on , by section 413 of the Criminal Procedure Act 2011 (2011 No 81).