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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

319: Procedural requirements

You could also call this:

"Rules the Minister must follow when deciding about your licence application"

Illustration for Financial Markets Conduct Act 2013

When you apply for a licence, the Minister must follow some rules. The Minister cannot say no to your application, or add conditions that are much stricter than what you asked for, unless they tell you first. They must give you at least 10 working days' written notice that they might say no or add stricter conditions, and they must explain why.

They must also tell you that you can make written comments about their decision within those 10 working days. This means you can write to them and explain why you think their decision is not fair.

If the Minister makes a decision about your licence, the Financial Markets Authority, or FMA, must send you a written notice about what the Minister decided, as stated in section 316 or section 317.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091469.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rulesBusiness > Fair trading
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318: Conditions of licence, or

"Rules you must follow when you have a financial market licence"

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320: Licence may cover more than 1 financial product market, or

"One licence can cover many financial markets at the same time."

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

319Procedural requirements

  1. The Minister must not refuse to issue a licence, or include conditions that are materially more restrictive than those requested in the application, unless—

  2. the Minister gives the applicant no less than 10 working days' written notice of the following matters before he or she exercises the power:
    1. that the Minister may refuse to issue the licence or may include conditions that are materially more restrictive than those requested in the application; and
      1. the reasons why he or she may do so; and
      2. the Minister gives the applicant or the applicant's representative an opportunity to make written submissions on the matter within that notice period.

        1. The FMA must give written notice of the Minister's decision under section 316 or 317 to the applicant.