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Financial Markets Conduct Act 2013

Dealing in financial products on markets - Licensing of markets for trading financial products - Approval of contractual market rules

332: Notice of decision on rules

You could also call this:

"The Financial Markets Authority tells people its decision about new market rules in writing."

Illustration for Financial Markets Conduct Act 2013

When the Financial Markets Authority (FMA) makes a decision about market rules under section 331, it must tell the person who asked for approval and other prescribed people in writing. The FMA must give them notice of its decision. The FMA's notice must include its reasons if it extends the approval period under section 330 or declines to approve the rules. If the FMA approves the market rules, it must also put a notice on its website to say which rules have been approved under section 331.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091486.

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Money and consumer rights > Banking and loansBusiness > Industry rulesBusiness > Fair trading
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331: Approval of proposed market rules and changes, or

"The Financial Markets Authority checks and approves new market rules to ensure they are fair and good for everyone."

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333: Power of FMA to request changes to market rules on certain matters, or

"The FMA can ask market operators to change their rules to help keep markets fair and safe."

Part 5Dealing in financial products on markets
Licensing of markets for trading financial products: Approval of contractual market rules

332Notice of decision on rules

  1. The FMA must give written notice of its decision under section 331 to—

  2. the applicant for approval; and
    1. every other prescribed person.

      1. If the FMA extends the approval period under section 330 or declines to approve the rules, the written notice under subsection (1) must include a statement of the FMA's reasons for exercising the power.

      2. If the FMA approves the proposed market rules or rule change, the FMA must also publish a notice on an Internet site maintained by or on behalf of the FMA, identifying the market rules approved under section 331 (but need not incorporate them).

      3. Repealed
      Notes
      • Section 332(3): amended, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).
      • Section 332(4): repealed, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).