Plain language law

New Zealand law explained for everyone

Financial Markets Conduct Act 2013

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

405: Procedure for variation of conditions

You could also call this:

"How the FMA changes the rules for a licence holder"

Illustration for Financial Markets Conduct Act 2013

The FMA is a group that helps keep an eye on financial markets in New Zealand. If the FMA wants to change the conditions of a licence, they must tell the person or company with the licence at least 10 working days before they make any changes. The FMA must explain why they want to make the changes and give the person or company a chance to say what they think about it in writing. You can read more about this in section 403(1)(b) and section 404.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

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=DLM4091586.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rulesBusiness > Fair trading
Previous

404: Licensee may apply for variation of conditions, or

"You can ask to change the rules on your licence"

Next

406: Consequences of contravening conditions, or

"What happens if you break the rules of your licence?"

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

405Procedure for variation of conditions

  1. The FMA must not exercise a power under section 403(1)(b) (except on an application under section 404), or refuse an application for a variation under section 404, unless—

  2. the FMA gives the licensee no less than 10 working days' written notice of the following matters before it exercises the power:
    1. that the FMA may exercise the power; and
      1. the reasons why it may exercise the power; and
      2. the FMA gives the licensee or the licensee's representative an opportunity to make written submissions on the matter within that notice period.