475FMA must follow steps before making orders

1. The FMA may make an order under this Part only if it first takes the following steps:

2. gives the person to whom the order is proposed to be directed written notice—
   1. that the FMA may make an order under this Part; and
   2. of the reasons why it is considering exercising that power; and
3. also gives that written notice to the relevant licensed market operator, in the case of a direction order for a contravention of a continuous disclosure obligation or exemption or an order under section 470 or 474; and
4. gives the notice referred to in paragraph (a) or (b) at least 5 working days before the FMA makes the order; and
5. gives each person to whom notice of the order must be given or the person's representative an opportunity to make written submissions and to be heard on the matter within that notice period.

6. However,—

7. the FMA may shorten these steps in accordance with section 476; and
8. in the case of a stop order under section 463(c), the FMA does not have to give the notice referred to in subsection (1)(a) to any associated persons of the issuer, offeror, or service provider.

9. In the case of a direction order under section 469(2), the financial adviser that is the subject of the order is the person referred to in subsection (1)(a) and (d) and section 477(1)(a).