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Financial Markets Conduct Act 2013

Licensing and other regulation of market services - Issue of licences, conditions, and duration - Issue of licences

398: Notice of decision

You could also call this:

"The Financial Markets Authority tells you in writing about their decision on your licence application."

Illustration for Financial Markets Conduct Act 2013

When the Financial Markets Authority (FMA) makes a decision about your licence application under section 396, they must tell you in writing. They also have to tell every other person that the law says should be told. The FMA has to include their reasons in the written notice if they refuse your licence application or add limits, restrictions, or conditions that are more restrictive than what you asked for, as outlined in section 403(3)(a) or (4). You will get a clear explanation from the FMA when they make a decision about your licence application.

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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=DLM4091577.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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397: Procedural requirements, or

"Rules the Financial Markets Authority must follow when deciding on licence applications"

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399: Licence must be issued for particular market services, or

"A licence must say what specific market services it allows you to provide."

Part 6Licensing and other regulation of market services
Issue of licences, conditions, and duration: Issue of licences

398Notice of decision

  1. The FMA must give written notice of its decision under section 396 to—

  2. the applicant; and
    1. every other prescribed person.

      1. If the FMA refuses to issue a licence or includes limits, restrictions, or other conditions under section 403(3)(a) or (4) that are materially more restrictive than those requested in the application, the written notice under subsection (1) must include a statement of the FMA's reasons for exercising the power.

      Notes
      • Section 398(2): amended, on , by section 22 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).