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Financial Markets Conduct Act 2013

Dealing in financial products on markets - Licensing of markets for trading financial products - Other provisions relating to licensing of financial product markets

350: Delegation of Minister's licensing functions and powers to FMA

You could also call this:

"The Minister can pass some of their jobs and powers to the FMA to help look after financial markets."

Illustration for Financial Markets Conduct Act 2013

The Minister can give some of their jobs and powers to the FMA, which is in charge of looking after financial product markets. You need to know that the Minister can do this for all or just some of their jobs and powers. The Minister decides whether to give the FMA some or all of these jobs and powers.

When the Minister gives the FMA some jobs and powers, they must write it down. The FMA then has to follow the rules the Minister sets when they give them these jobs and powers.

The Minister has to follow any rules from other laws when giving jobs and powers to the FMA. If another law says the Minister can give jobs and powers to someone else, the Minister can still do that.

The FMA can do the jobs and use the powers the Minister gives them, just like the Minister would. If the FMA says they are doing something because the Minister gave them the power to, you should assume they are telling the truth unless someone can prove otherwise.

The Minister is still responsible for what the FMA does, even if the Minister gave the FMA some jobs and powers. The Minister can still do their own jobs and use their own powers, even if they gave some to the FMA.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091512.

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349: FMA may give advice to Minister, or

"The FMA helps the Minister make decisions about money and investments by giving them advice."

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351: Regulations modifying this Part or Part 7 or 7A for licensed markets, or

"Rules can be changed for some markets to make them fairer and more reasonable"

Part 5Dealing in financial products on markets
Licensing of markets for trading financial products: Other provisions relating to licensing of financial product markets

350Delegation of Minister's licensing functions and powers to FMA

  1. The Minister may, either generally or particularly, delegate to the FMA all or any of the Minister's functions or powers under this subpart in connection with the licensing of financial product markets.

  2. A delegation under this section must be in writing.

  3. The FMA must not delegate any functions or powers delegated to it under this section except in accordance with the terms of the delegation.

  4. The power of the Minister to delegate under this section—

  5. is subject to any prohibitions, restrictions, or conditions contained in any other Act in relation to the delegation of the Minister's functions or powers; but
    1. does not limit any power of delegation conferred on the Minister by any other Act.

      1. The FMA may perform or exercise any functions or powers delegated to it under this section in the same manner and with the same effect as if they had been conferred on the FMA directly (subject to any restrictions or conditions imposed under the delegation).

      2. If the FMA purports to act under a delegation under this section, the FMA must, in the absence of proof to the contrary, be presumed to be acting in accordance with the terms of the delegation.

      3. No delegation affects or prevents the performance or exercise of any function or power by the Minister or affects the responsibility of the Minister for the actions of a person acting under the delegation.