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Financial Markets Authority Act 2011

General information-gathering and enforcement powers - FMA may exercise person’s right of action

40: FMA must consult person A

You could also call this:

“The FMA must talk to you about legal actions they take about you, unless it makes things too difficult for them”

After the Financial Markets Authority (FMA) starts or takes over legal proceedings about you, they need to talk to you about how those proceedings will be carried out. They will do this in a way they think is appropriate, or in a way the High Court tells them to.

However, the FMA doesn’t have to talk to you if they think doing so would make it much harder for them to run the proceedings properly. The High Court can’t make the FMA talk to you in this case either.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3565212.

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39: Representative actions, or

"FMA can act for a group of people with similar concerns in court"

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41: Proceedings must not be settled, compromised, or discontinued without approval, or

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Part 3 General information-gathering and enforcement powers
FMA may exercise person’s right of action

40FMA must consult person A

  1. The FMA must, after commencing or taking over proceedings under this subpart in respect of person A, consult with person A as to the conduct of those proceedings—

  2. as the FMA considers appropriate; or
    1. as otherwise directed by the High Court.

      1. However, the FMA is not required to consult with person A, and the High Court must not direct the FMA to do so, if the FMA considers that consultation would materially prejudice the FMA in its ability to efficiently or effectively conduct the proceedings.