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Financial Markets Conduct Act 2013

Dealing in financial products on markets - Operation of licensed markets

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

You could also call this:

"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."

Illustration for Financial Markets Conduct Act 2013

If the FMA gives a direction under section 361, they must tell the people involved. You will get written notice about their opinion on section 362 or 363. They will also tell you the terms of the direction and the reasons for their opinion.

The FMA must give you a chance to respond in writing and to talk to them about it. You or your representative can make submissions and be heard on the matter. The FMA may also tell other people about what is happening.

The FMA will do all this as soon as they reasonably can after giving the direction. They want to make sure you know what is going on and have a chance to say something. You can look at the details of the direction and the reasons behind it.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091530.

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365: Limited notice and submissions for urgent continuous disclosure directions, or

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

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367: Effect of directions to licensed market operator, or

"What to do when a licensed market operator gets a direction from the Financial Markets Authority"

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

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

  1. If a direction is given under section 361, the FMA—

  2. must, as soon as is reasonably practicable, give written notice to the licensed market operator and listed issuer or issuers (if any) concerned of—
    1. its opinion that the requirements of section 362 or 363 are satisfied; and
      1. the terms of the direction; and
        1. the reasons for its opinion; and
        2. must, after the direction is given, give each of those persons or the person's representative an opportunity to make written submissions and to be heard on the matter; and
          1. may also give notice to any other person of the matters in paragraph (a).

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