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Financial Markets Authority Act 2011

Miscellaneous provisions - Transitional provisions - Disestablishment of Securities Commission

74: Transfer of employees

You could also call this:

“Rules for employees moving from the Securities Commission to the Financial Markets Authority”

If you worked for the Securities Commission and were moved to work for the Financial Markets Authority (FMA), here’s what you need to know:

Your job conditions will stay the same as they were before, until you and the FMA agree to change them or you get a new job at the FMA.

Your job is treated as if it hasn’t changed. The time you worked for the Securities Commission, and any other time the Commission said counted, now counts as time working for the FMA.

This change in who you work for doesn’t count as new employment for KiwiSaver purposes.

You won’t get any extra money or benefits from the Securities Commission or the FMA just because your old job at the Commission doesn’t exist anymore or because you’re not working for the Commission now.

These rules are more important than some other employment laws that might usually apply when businesses change.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3231783.

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"Replacing 'Commission' with 'FMA' in old documents"

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75: Effect of Act, or

"This law explains what happens when the Securities Commission closes and the Financial Markets Authority takes over"

Part 4 Miscellaneous provisions
Transitional provisions: Disestablishment of Securities Commission

74Transfer of employees

  1. The terms and conditions of employment of a transferred employee immediately before the commencement date continue to apply in relation to that employee until—

  2. those terms and conditions are varied by agreement between the transferred employee and the FMA; or
    1. the transferred employee accepts a subsequent appointment with the FMA.

      1. For the purposes of every enactment, law, determination, contract, and agreement relating to the employment of a transferred employee,—

      2. the employment agreement of that employee is to be treated as unbroken; and
        1. the employee’s period of service with the Commission, and every other period of service of that employee that is recognised by the Commission as continuous service, is to be treated as a period of service with the FMA.

          1. To avoid doubt, the employment of a transferred employee by the FMA does not constitute new employment for the purposes of the KiwiSaver Act 2006.

          2. A transferred employee is not entitled to receive any payment or benefit from the Commission or the FMA on the grounds that the person's position in the Commission has ceased to exist or the person has ceased to be an employee of the Commission as a result of the transfer to the FMA.

          3. This section overrides Part 6A of the Employment Relations Act 2000.