Plain language law

New Zealand law explained for everyone

Financial Markets Authority Act 2011

Miscellaneous provisions - Transitional provisions - Disestablishment of Securities Commission

71: Securities Commission disestablished

You could also call this:

“The old Securities Commission has been replaced by a new Financial Markets Authority”

The Securities Commission no longer exists. It was closed down.

If you were a member of the Securities Commission, you stopped being a member the day before the new Financial Markets Authority (FMA) started.

The FMA can ask former members of the Securities Commission to help finish any work that wasn’t done when the Commission closed. This is allowed under sections 73 to 76 of the Crown Entities Act 2004.

The FMA can also ask other people to help with its work, not just former Commission members. This is also allowed under sections 73 to 76 of the Crown Entities Act 2004.

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 It might be out of date or be missing some parts.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=DLM3231780.

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

70: Interpretation, or

"Words and their meanings in this part of the law"

Next

72: Consequences of disestablishment, or

"What happens when the Securities Commission is replaced by the Financial Markets Authority"

Part 4 Miscellaneous provisions
Transitional provisions: Disestablishment of Securities Commission

71Securities Commission disestablished

  1. The Commission is disestablished.

  2. The members of the Commission cease to hold office at the close of the day before the commencement date.

  3. For the purpose of completing or deciding any inquiry, application, or matter that has been heard or considered (in whole or in part) before the commencement date, the board of the FMA may delegate any of the functions or powers of the FMA or the board in accordance with sections 73 to 76 of the Crown Entities Act 2004 to 1 or more former members of the Commission as if those former members were referred to in section 73(1) of that Act.

  4. Subsection (3) does not limit the power of the board of the FMA to make any other delegation in accordance with sections 73 to 76 of the Crown Entities Act 2004.