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Financial Markets Conduct Act 2013

Licensing and other regulation of market services - Issue of licences, conditions, and duration - Expiry, suspension, or cancellation of licences

407: Duration of licence

You could also call this:

"How long your licence lasts before it expires or gets cancelled"

Illustration for Financial Markets Conduct Act 2013

A licence you have keeps going until its expiry date, unless it is cancelled first. You can keep using your licence until it expires, but if someone cancels it, you can't use it anymore. Your licence will stop being valid on its expiry date.

If you want a new licence to replace an old one, you must apply for it no later than 2 months before the old one expires. If you do this, your old licence will keep going until your new application is decided. This means you can keep using your old licence while you wait to hear about your new one.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091589.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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406A: Effect of condition requiring giver of advice or interposed person to be authorised by licence or registered, or

"Rules for people giving financial advice who need a licence or to be registered"

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408: When FMA may suspend or cancel licence, or

"When can the FMA stop or cancel your licence?"

Part 6Licensing and other regulation of market services
Issue of licences, conditions, and duration: Expiry, suspension, or cancellation of licences

407Duration of licence

  1. A licence continues in force until the close of its expiry date unless sooner cancelled.

  2. If a licensee applies for a new licence no later than 2 months before the expiry date of an existing licence that the new licence is intended to supersede, and the application is not disposed of before the expiry date, the existing licence continues in force until the application is disposed of.