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Financial Markets Conduct Act 2013

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

418: Approval, amendment, or rejection of action plan

You could also call this:

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

Illustration for Financial Markets Conduct Act 2013

If you submit an action plan, the Financial Markets Authority (FMA) may approve it, ask you to change it and send it back, or reject it. The FMA will tell you what to do with your action plan. You will know what the FMA decides about your action plan.

If the FMA asks you to change your action plan, you must make the changes and send it back to the FMA by the date they specify. The FMA will tell you what changes to make. You have to make those changes and send the action plan back to the FMA on time.

If the FMA approves your action plan, you must follow it. The FMA may approve your action plan as it is, or after you have made changes. You and the FMA can also agree to make changes to your action plan at any time after it has been approved.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091605.

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417: Action plan, or

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

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419: Consequences of failure to submit action plan, rejection of action plan, or failure to comply with action plan, or

"What happens if you don't follow the rules about action plans with the Financial Markets Authority"

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

418Approval, amendment, or rejection of action plan

  1. If a person submits an action plan, the FMA may—

  2. approve the action plan; or
    1. require the person to amend the action plan and resubmit it to the FMA by a specified date for approval or rejection; or
      1. reject the action plan.

        1. If the FMA requires the person to amend an action plan provided to the FMA, the person must, within the time specified by the FMA, provide an amended action plan that addresses the matter required to be amended.

        2. If the FMA approves the action plan (whether as first provided or after amendment), the person must comply with the action plan.

        3. An action plan that has been approved by the FMA may be varied at any time by agreement between the person and the FMA.