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Financial Markets Conduct Act 2013

Dealing in financial products on markets - Licensing of markets for trading financial products - Changes to licences

324: Procedure for varying of conditions or suspension or cancellation of licence

You could also call this:

"How the Minister can change, suspend or cancel your licence"

Illustration for Financial Markets Conduct Act 2013

If you have a licence, the Minister can change its conditions, suspend it, or cancel it, but only after following some steps. The Minister must give you written notice at least 10 working days before making any changes, and this notice must include the reasons for the changes. You will also have the chance to make written submissions about the matter during this notice period.

The Minister cannot make any changes without giving you this notice and a chance to respond, as stated in section 322(1) and section 323.

After the Minister makes a decision about your licence under section 322 or section 323, the FMA will send you a written notice about the decision.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091477.

Topics:
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Part 5Dealing in financial products on markets
Licensing of markets for trading financial products: Changes to licences

324Procedure for varying of conditions or suspension or cancellation of licence

  1. The Minister must not vary the conditions of a licence on his or her own initiative under section 322(1), refuse an application for a variation under section 322, or suspend or cancel a licence under section 323 unless—

  2. the Minister gives the licensed market operator no less than 10 working days' written notice of the following matters before he or she exercises the power:
    1. that the Minister may exercise the power; and
      1. the reasons why he or she may exercise the power; and
      2. the Minister gives the licensed market operator or the licensed market operator'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 322 or 323 to the licensed market operator.