When the Financial Markets Authority (FMA) wants to issue a notice, they must talk to the people who will be affected by it. The FMA thinks about who will be substantially affected and consults with them before issuing the notice. You can find more information about similar rules in the past by looking at the Securities Amendment Act 1978. If the FMA forgets to consult with the people who will be affected, the notice is still valid. The FMA's failure to consult does not change the notice's validity. This means the notice still applies even if the FMA made a mistake by not talking to the affected people.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091834.
The FMA must not issue a notice under this subpart unless the FMA has consulted the persons or representatives of the persons that the FMA considers will be substantially affected by the issue of the notice.
A failure to comply with subsection (1) does not affect the validity of the notice.
