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Financial Markets Conduct Act 2013

Licensing and other regulation of market services - Monitoring and enforcement of licences - Directions

420: Directions

You could also call this:

"Following official instructions to fix a problem or stop something wrong from happening"

Illustration for Financial Markets Conduct Act 2013

If you get a notice with a direction under section 414, it must tell you what to do. The notice must say what actions you must take to fix a problem or stop it from happening, and when you must take each step. You might need to fix something you did wrong, stop something wrong from happening again, or make something less bad. The notice will also tell you when you must do each thing.

You must do what the direction says. The direction will be about something specific, like fixing wrong information or stopping something bad from happening. You have to follow the direction and do what it says by the date given.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091608.

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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"

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421: Consequences of failure to comply with directions, or

"What happens if you don't follow the rules you're given by the Financial Markets Authority"

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

420Directions

  1. If a notice under section 414 gives a direction to a person, the notice must specify—

  2. the actions, as the case may be, that the person must 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 must be taken.

            1. The person to whom the direction is given must comply with the direction.