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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

399: Licence must be issued for particular market services

You could also call this:

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

Illustration for Financial Markets Conduct Act 2013

When you get a licence, it must say what market services it covers. The Financial Markets Authority, or FMA, decides what market services the licence is for. You can have one licence that covers more than one type of market service.

If you have a licence that covers more than one market service, the law treats each service separately. This means that if the FMA wants to add another market service to your licence, they must make that decision in the same way they would when issuing a new licence. The FMA can also change, stop, or cancel your licence for just one of the market services it covers.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091578.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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398: Notice of decision, or

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

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400: Licence may cover authorised bodies, or

"A licence can cover you and other related companies or groups you control."

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

399Licence must be issued for particular market services

  1. If the FMA decides to issue a licence, it must ensure that it specifies the particular market services, or class of market services, that it covers.

  2. The same licence may cover more than 1 type of market services.

  3. In that case,—

  4. a reference in this Act to the market services that a licence covers is taken instead to be a reference to each of those market services severally; and
    1. the decision to add another market service or class of market services to a licence must be made on the same basis as a decision to issue a licence; and
      1. a licence may be varied, suspended, or cancelled in respect of 1 of those market services or classes only, as if each were separately licensed.