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Financial Markets Conduct Act 2013

Dealing in financial products on markets - Operation of licensed markets

365: Limited notice and submissions for urgent continuous disclosure directions

You could also call this:

"Urgent rules for sharing important financial information with the public"

Illustration for Financial Markets Conduct Act 2013

If you are dealing with financial products on markets, the Financial Markets Authority (FMA) can make a direction to help keep the public informed. The FMA can give less than 2 trading days' notice before making this direction if it thinks it is necessary or desirable in the public interest. You can find more information about the usual notice period in section 364.

When the FMA acts urgently, it must tell you why it is doing so and follow the rules in section 364. The FMA can give oral notice and accept oral submissions instead of written ones in urgent cases. This helps the FMA to make decisions quickly when needed.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091529.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rulesBusiness > Fair trading
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364: Notice, opportunity for licensed market operator to act, and submissions before FMA gives directions, or

"Before giving orders, the Financial Markets Authority must warn the market operator and listen to what they have to say."

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366: Notice and opportunity to be heard and represented after FMA gives direction, or

"The law says the FMA must tell you what's happening and let you have a say if they make a decision that affects you."

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

365Limited notice and submissions for urgent continuous disclosure directions

  1. If the FMA thinks it is necessary or desirable in the public interest for a continuous disclosure direction to be made more urgently than section 364 permits,—

  2. it may give less than 2 trading days' notice before it gives the direction, 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 section.

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