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Financial Markets Conduct Act 2013

Dealing in financial products on markets - Licensing of markets for trading financial products - Issue of licence

316: When licence may be issued

You could also call this:

"When the Minister can give you a licence to run a financial market"

Illustration for Financial Markets Conduct Act 2013

The Minister can issue a financial product market licence to you if they are satisfied that you can operate a market correctly. This means you must be able to follow the general rules under section 314. The Minister must also believe you will comply with the rules that apply to market operators if you are granted a licence.

You must be a company and registered under the Financial Service Providers (Registration and Dispute Resolution) Act 2008 when you start operating the market. The Minister will let you know in writing if your licence is approved, after you apply under section 315.

The Minister looks at whether you can operate the market correctly and if you will follow the rules before they decide to issue a licence to you.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091466.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rulesBusiness > Fair trading
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315: Application for licence, or

"How to apply for a licence to run a financial market"

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317: When licence may be issued for overseas-regulated market, or

"Getting a licence to run a financial market in New Zealand if you're already allowed to in another country"

Part 5Dealing in financial products on markets
Licensing of markets for trading financial products: Issue of licence

316When licence may be issued

  1. The Minister, after receiving an application under section 315, may issue a financial product market licence, by written notice to the applicant, if the Minister is satisfied that—

  2. the applicant is capable of operating a financial product market in accordance with the general obligations under section 314 (having regard to the proposed conditions of the licence); and
    1. there is no reason to believe that the applicant will not comply with the market operator obligations that will apply if the licence is granted; and
      1. the applicant is a body corporate and is, or will be, registered under the Financial Service Providers (Registration and Dispute Resolution) Act 2008 on and from commencing to operate the financial product market.