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Financial Markets Authority Act 2011

Miscellaneous provisions - Transitional provisions - Disestablishment of Securities Commission

75: Effect of Act

You could also call this:

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

This part of the law talks about what happens when the Securities Commission is closed down. It says that the changes made by sections 71 to 74 of the Act won’t cause any problems for the Commission, the Financial Markets Authority (FMA), or anyone else.

You don’t need to worry that these changes will break any contracts or agreements. They won’t make anyone do anything wrong or get in trouble. The changes also won’t let people end contracts early or make anyone pay more money.

The law makes sure that no one breaks any rules or laws because of these changes. It also says that people who have promised to pay money for others (called sureties) still have to keep their promises. Lastly, it means that contracts and promises to pay stay valid and in place.

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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=DLM3231784.

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74: Transfer of employees, or

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

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76: Registers, or

"The FMA keeps using old records without needing to change names"

Part 4 Miscellaneous provisions
Transitional provisions: Disestablishment of Securities Commission

75Effect of Act

  1. Nothing effected or authorised by sections 71 to 74—

  2. places the Commission, the FMA, or any other person in breach of contract or confidence, or makes any of them liable for a civil wrong; or
    1. entitles a person to terminate or cancel a contract or an arrangement, or to accelerate the performance of an obligation, or to impose a penalty or an increased charge; or
      1. places the Commission, the FMA, or any other person in breach of an enactment, a rule of law, or a provision of a contract that prohibits, restricts, or regulates the assignment or transfer of property or the disclosure of information; or
        1. releases a surety from an obligation; or
          1. invalidates or discharges a contract or surety.