Plain language law

New Zealand law explained for everyone

Financial Markets Conduct Act 2013

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

477: FMA must give notice after making orders

You could also call this:

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

Illustration for Financial Markets Conduct Act 2013

When the FMA makes an order, they have to tell the person the order is about what the order says, why they made it, and any other important information. The FMA must give this information in writing as soon as they can. They have to do this for all orders.

The FMA also has to give this written notice to the Registrar and put it on their website for certain types of orders, like stop orders or orders made under section 470. For other types of orders, the FMA can choose to give the notice to the Registrar and put it on their website. If the order is about something like not following the rules for telling people information, the FMA has to give the notice to the relevant market operator.

In some cases, the FMA does not have to give the notice to people associated with the company that the order is about, but the company might have to give them the notice. The FMA can also choose to give the notice to other people if they think it is necessary. You can find more information about this in the Financial Markets Conduct Act 2013.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091689.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rulesBusiness > Fair trading
Previous

476: FMA may shorten steps for specified orders, or

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

Next

478: General provisions on FMA's orders, or

"Rules about orders made by the Financial Markets Authority"

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

477FMA must give notice after making orders

  1. If the FMA makes an order under this Part, the FMA—

  2. must, as soon as is reasonably practicable, give written notice to the person to whom the order is directed of—
    1. the terms and conditions of the order; and
      1. the reasons for the order; and
        1. any other information the FMA thinks relevant in the circumstances; and
        2. must also give the written notice referred to in paragraph (a) to the Registrar and make the notice available on its Internet site, in the case of a stop order, an interim stop order, or an order under section 470; and
          1. in the case of an order other than a stop order or an interim stop order, may also give the written notice referred to in paragraph (a) to the Registrar and make the notice available on its Internet site; and
            1. must also give the written notice referred to in paragraph (a) 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
              1. may also give notice to any other person of those matters.

                1. In the case of a stop order of the kind referred to in 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 (but the issuer, offeror, or service provider may be required to do so).

                Compare