Plain language law

New Zealand law explained for everyone

Financial Markets Conduct Act 2013

Dealing in financial products on markets - Operation of licensed markets

360: Limited notice and submissions for urgent determinations

You could also call this:

"Urgent decisions can be made quickly with less notice if it's necessary for the public."

Illustration for Financial Markets Conduct Act 2013

If you are a licensed market operator, you can make a determination quickly if you think it is necessary or desirable for the public. You can give less than 2 trading days' notice before making the determination, and you can give oral notice and accept oral submissions. You must explain in the notice why you are acting urgently and follow the rules in section 359(2).

You have to include the reasons for acting quickly in the notice. This is so people know why you are making the determination urgently. You must still follow the other rules in section 359(2).

When you make a determination quickly, you must tell people why it is urgent. You can find more information about how this rule has changed over time by looking at the Securities Amendment Act 1988. This will help you understand how the rules have developed.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091524.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rulesBusiness > Fair trading
Previous

359: Licensed market operator must give notice and have regard to submissions on continuous disclosure determinations, or

"Market operators must tell people about changes to company information rules and listen to feedback"

Next

361: FMA may give directions to licensed market operators, or

"The referee of financial markets can give orders to market operators to keep things fair and safe."

Part 5Dealing in financial products on markets
Operation of licensed markets

360Limited notice and submissions for urgent determinations

  1. If a licensed market operator thinks it is necessary or desirable in the public interest for a determination to be made more urgently than section 359(2) permits,—

  2. it may give less than 2 trading days' notice before it makes the determination, and the notice and submissions may be oral rather than written; but
    1. it must include in that notice the reasons for acting urgently and must otherwise comply with that subsection.

      Compare