469Terms of direction orders

1. A direction order may—

2. direct the relevant person to comply with the relevant provision referred to in section 468 (the provision):
3. stipulate any reasonable steps that the relevant person must take in order to comply with the provision or to avoid or mitigate any actual or potential adverse effects of a contravention, including (without limitation)—
   1. disclosing, in accordance with the order, information for the purpose of securing compliance with the provision:
   2. publishing, at the relevant person's own expense and in the manner and at the times specified in the order, corrective statements that are specified in, or are to be determined in accordance with, the order:
   3. complying in accordance with the order with a prohibition or restriction on the making of any statement or the distribution of any document by, or on behalf of, the relevant person for the purpose of preventing a contravention or further contravention of the provision:
4. in the case of section 468(1)(j), prohibit the relevant person from relying on the exemption:
5. require the relevant person to report to the FMA within the time specified in the order stating how and when the order has been or will be implemented.

6. If the FMA is satisfied that the relevant person (A) is a financial adviser who, by engaging in any conduct, has contravened, or is likely to contravene, any of sections 431I to 431P, a direction order may do 1 or more of the following (whether or not in addition to an order under subsection (1)):

7. direct the Registrar to deregister A under the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (the FSP Act):
8. direct the Registrar to—
   1. deregister A under the FSP Act; and
   2. prevent A for a specified period from being reregistered for a financial advice service under the FSP Act:
9. direct the Registrar to suspend A's registration under the FSP Act for a period of no more than 12 months or until A meets specified conditions relating to the registration (but, in any case, not for a period of more than 12 months).

10. Subsection (4) applies if the FMA is satisfied that—

11. the relevant person is Lloyd’s or a Lloyd’s underwriter, and that, by engaging in any conduct, the relevant person has contravened, or is likely to contravene, section 449A; or
12. the relevant person is a Lloyd’s managing agent who, by engaging in any conduct, has contravened, or is likely to contravene,—
    1. section 449A; or
    2. any provision of subpart 6A of Part 6 (as applied under section 446V).

13. A direction order may do any of the following (whether or not in addition to an order under subsection (1)):

14. in the case of a contravention, or likely contravention, by Lloyd’s, prohibit all or any Lloyd’s underwriters from relying on the exemption in section 389(4)(a):
15. in the case of a contravention, or likely contravention, by a Lloyd’s underwriter, prohibit the Lloyd’s underwriter from relying on the exemption in section 389(4)(a):
16. in the case of a contravention, or likely contravention, by a Lloyd’s managing agent who acts for 1 or more Lloyd’s underwriters, prohibit all or any of those Lloyd’s underwriters from relying on the exemption in section 389(4)(a).