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Financial Markets Authority Act 2011

General information-gathering and enforcement powers - Other powers - Power to appear and be heard and adduce evidence

48A: FMA may appear and be heard and adduce evidence

You could also call this:

“FMA can join and speak up in certain money-related court cases”

The Financial Markets Authority (FMA) can take part in certain types of legal cases, even if they weren’t involved from the start. These cases are called “specified proceedings” and include legal matters about financial products or services.

In these cases, the FMA can speak up and be heard. They can also bring evidence to support their points. If other people are giving evidence, the FMA can ask them questions too. However, if the case is an appeal, the FMA can’t ask questions.

The specified proceedings can be either civil or criminal cases. They might be about breaking financial market laws or about people being cheated or treated unfairly when dealing with financial products or services.

Remember, the FMA has these rights even if they weren’t part of the case when it first started. This means they can join in at any time during the legal process if they think it’s important.

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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=DLM6037728.

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Part 3 General information-gathering and enforcement powers
Other powers: Power to appear and be heard and adduce evidence

48AFMA may appear and be heard and adduce evidence

  1. The FMA is entitled to appear and be heard in any specified proceedings.

  2. The FMA has the right to adduce evidence and the right to cross-examine witnesses if the FMA appears under this section, unless the specified proceedings are by way of appeal.

  3. The rights referred to in this section apply whether or not the FMA was a party to the specified proceedings at any earlier stage in the proceedings.

  4. In this section, specified proceedings means any of the following kinds of proceedings:

  5. civil or criminal proceedings under, or in respect of, any financial markets legislation:
    1. civil proceedings that, in connection with the offer, issue, transfer, supply, or use of financial products or financial services, seek damages or other relief for a contravention, involvement in a contravention, fraud, negligence, breach of duty, or other misconduct.

      Notes
      • Section 48A: inserted, on , by section 69 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).