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Financial Markets Conduct Act 2013

Enforcement, liability, and appeals - Civil liability - Defences for person in contravention of civil liability provisions

502: Conduct still contravenes even if defence is available

You could also call this:

"Breaking a rule is still wrong, even if you have a good reason for doing it."

Illustration for Financial Markets Conduct Act 2013

If you do something that breaks a civil liability rule in the Financial Markets Conduct Act 2013, it is still considered wrong even if you have a defence. This means that even if you have a good reason for what you did, your conduct is still treated as if it broke the rule. You must still follow the rules, and having a defence does not change that.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4702268.

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501A: Additional defence for licensees who are treated as contravening, or

"A defence for licensees blamed for others' mistakes"

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503: General defences for person involved in contravention, or

"Defences for people who break financial rules by accident"

Part 8Enforcement, liability, and appeals
Civil liability: Defences for person in contravention of civil liability provisions

502Conduct still contravenes even if defence is available

  1. In this Act, conduct must still be treated as contravening a civil liability provision even if the conduct does not lead to any liability under this subpart because of the availability of a defence.