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Financial Markets Authority Act 2011

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

43: Transitional provisions

You could also call this:

“Rules for handling old and new financial market issues”

The Financial Markets Authority (FMA) can use its powers under section 34 for any claim, no matter when it happened. This means the FMA can look into things that occurred before or after this law came into effect.

When we talk about a ‘claim’ here, we’re using the same meaning as in section 4 of the Limitation Act 2010. This helps everyone understand what exactly we mean by a claim.

If someone used to be involved in financial markets but isn’t anymore, they still count as a ‘financial markets participant’ for this law. This is true even if they stopped being involved before this law started.

The FMA can also take over certain legal cases. They can do this for cases that started before or after this law came into effect.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3565214.

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

43Transitional provisions

  1. The FMA may exercise a power under section 34 regardless of whether the date on which the relevant claim accrued, or the date of the act or omission on which the relevant claim is based, was before or after the commencement of this section.

  2. In subsection (1), claim has the same meaning as in section 4 of the Limitation Act 2010.

  3. To avoid doubt, if a person ceased to be a financial markets participant before the commencement of this section, the person must still be treated as being a person who has been a financial markets participant as referred to in section 34.

  4. The FMA may exercise the power to take over specified proceedings under section 34(1)(b) regardless of whether those proceedings were commenced before or after the commencement of this section.