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Financial Markets Conduct Act 2013

Dealing in financial products on markets - Licensing of markets for trading financial products - Control limits on licensed market operators

348: Revocation or amendment of approval

You could also call this:

"The Governor-General can change or cancel an approval if it's best for everyone."

Illustration for Financial Markets Conduct Act 2013

The Governor-General can change or cancel an approval given under section 347 if the Minister recommends it. You need to know that the Minister can recommend this if they think it is in the public's best interest. The Minister must talk to the person or company who got the approval before making a recommendation.

The Minister can suggest changing or cancelling any conditions that came with the approval. If the Governor-General makes an order to change or cancel an approval, it is a type of law called secondary legislation. You can learn more about secondary legislation in Part 3 of the Legislation Act 2019.

When the Governor-General makes an order, it has to be published, which means it has to be made available to the public.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091509.

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Part 5Dealing in financial products on markets
Licensing of markets for trading financial products: Control limits on licensed market operators

348Revocation or amendment of approval

  1. The Governor-General may, by Order in Council made on the recommendation of the Minister,—

  2. revoke an approval granted under section 347; or
    1. vary, revoke, or suspend any term or condition of such an approval.

      1. The Minister may not make a recommendation for the purposes of subsection (1) unless—

      2. he or she has consulted the person to whom the approval was granted and the body corporate concerned; and
        1. he or she is satisfied that it is in the public interest to make the recommendation.

          1. An order under this section is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

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          Notes
          • Section 348(3): inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).