Plain language law

New Zealand law explained for everyone

Financial Markets Conduct Act 2013

Licensing and other regulation of market services - Monitoring and enforcement of licences - Action plan

417: Action plan

You could also call this:

"A plan to fix problems and stop them from happening again"

Illustration for Financial Markets Conduct Act 2013

If you get a notice under section 414 from the FMA, you must submit an action plan to them. You need to do this as soon as possible, but no later than the time the FMA specifies. Your action plan must say what you will do to fix any problems or stop them from happening. You have to include the steps you will take to address any issues, such as fixing a mistake or stopping something bad from happening. You also need to say when you will take each of these steps.

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 It might be out of date or be missing some parts.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=DLM4091604.

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

416: Notice requirements, or

"What to expect when you get an important notice from the Financial Markets Authority about your licence."

Next

418: Approval, amendment, or rejection of action plan, or

"The Financial Markets Authority decides what happens to your action plan: they can approve, change or reject it."

Part 6Licensing and other regulation of market services
Monitoring and enforcement of licences: Action plan

417Action plan

  1. If a notice under section 414 requires a person to submit an action plan to the FMA, the person must, as soon as practicable but in any case within the time specified by the FMA and otherwise in the manner specified by the FMA, submit to the FMA an action plan that specifies—

  2. the actions, as the case may be, that the person proposes to take to—
    1. remedy or avoid the contravention or likely contravention of the market services licensee obligation; or
      1. avoid any further contravention of the market services licensee obligation; or
        1. mitigate or avoid any adverse effects or changes arising, or likely to arise, from the material change of circumstances; or
          1. correct the false or misleading information or mitigate the adverse consequences of providing the false or misleading information (or both); and
          2. the date by which each step will be taken.