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Financial Markets Conduct Act 2013

Enforcement, liability, and appeals - Banning orders

521: General provisions for banning orders

You could also call this:

"Rules for telling people about banning orders and how to appeal them"

Illustration for Financial Markets Conduct Act 2013

When a court makes a banning order, the Registrar of the court must tell some important people about it as soon as possible. You need to know that the Registrar will inform the Registrar of Companies, the Registrar of Financial Service Providers, and the FMA that the order has been made. The Registrar will also publish a notice in the Gazette with the name of the person the order is against and how long it lasts.

If you want to apply to the court for something related to a banning order, as mentioned in section 518, you must give the FMA at least 10 working days' written notice. This is so the FMA knows what you plan to do.

The FMA and other people the court chooses can attend the court hearing and have their say.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091755.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rulesBusiness > Fair trading
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520: Only 1 banning order may be made for same conduct, or

"You can't get more than one banning order for doing the same thing wrong."

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"Court help for people affected by financial wrongdoing"

Part 8Enforcement, liability, and appeals
Banning orders

521General provisions for banning orders

  1. A Registrar of the court must, as soon as practicable after the making of a banning order by the court under this subpart,—

  2. give notice to the Registrar of Companies, the Registrar of Financial Service Providers, and the FMA that the order has been made; and
    1. give notice in the Gazette of the name of the person against whom the order is made and the period or dates for which the order applies (or that the order is permanent).

      1. A person intending to apply for the leave of the court as referred to in section 518 must give to the FMA not less than 10 working days' written notice of that person's intention to apply.

      2. The FMA, and any other persons that the court thinks fit, may attend and be heard at the hearing of the application.

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