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Financial Markets Conduct Act 2013

Enforcement, liability, and appeals - FMA's enforcement powers - Process for FMA's orders

476: FMA may shorten steps for specified orders

You could also call this:

"The FMA can speed up making some orders if it's urgent and important for the public."

Illustration for Financial Markets Conduct Act 2013

The FMA can make an order more quickly if it thinks it is necessary for the public. You might get less than 5 working days' notice before the FMA makes the order. The FMA can also let you make oral submissions instead of written ones.

The FMA must tell you why it is acting urgently when it gives you notice. It must follow the rules in section 475 except for the parts about notice and submissions. This means the FMA has to do everything else that section 475 says.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091688.

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475: FMA must follow steps before making orders, or

"Before making a big decision, the Financial Markets Authority must follow some important steps and tell people involved."

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477: FMA must give notice after making orders, or

"The law says FMA must tell people about new orders they make, and give them important details in writing."

Part 8Enforcement, liability, and appeals
FMA's enforcement powers: Process for FMA's orders

476FMA may shorten steps for specified orders

  1. If the FMA thinks it necessary or desirable in the public interest for any order to be made more urgently than section 475 permits,—

  2. it may give less than 5 working days' notice before it makes the order, and the submissions may be oral rather than written; but
    1. it must include in that notice the reasons for acting urgently and must otherwise comply with that section.

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