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Financial Markets Conduct Act 2013

Dealing in financial products on markets - Operation of licensed markets

370: Offence for failing to comply with direction

You could also call this:

"Breaking the law by not following a direction from authorities can result in a big fine."

Illustration for Financial Markets Conduct Act 2013

If you are a licensed market operator and you refuse or fail to follow a direction under section 361 without a good reason, you commit an offence. You can be fined up to $300,000 if you are convicted. This means you must follow the direction or have a reasonable excuse for not doing so.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091534.

Topics:
Business > Industry rulesMoney and consumer rights > Banking and loans
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369: Contracting out of or modification of continuous disclosure process requirements, or

"Changing some rules for companies on the market"

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371: Financial products to which this subpart applies, or

"What kinds of money products this law applies to"

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

370Offence for failing to comply with direction

  1. A licensed market operator that refuses or fails, without reasonable excuse, to comply with a direction under section 361 commits an offence and is liable on conviction to a fine not exceeding $300,000.

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