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Financial Markets Conduct Act 2013

Enforcement, liability, and appeals - Civil liability - Limitation defences

508: Limitation defences

You could also call this:

"When you make a claim, the other person can say it's too late because of time limits."

Illustration for Financial Markets Conduct Act 2013

If you are making a claim for money under this law, the other person can use a defence from the Limitation Act 2010. This defence can be used for claims like a pecuniary penalty order or a compensatory order. You should know what the Limitation Act 2010 says about these claims.

If you are making a different type of claim, the other person can still use a defence if they can prove that too much time has passed since the thing you are complaining about happened. They have to prove that at least 6 years have passed since the act or omission you are complaining about. The Limitation Act 2010 has rules about how long you have to make a claim, and these rules apply to your claim.

Any defence used under this law is subject to the exceptions and modifications in the Limitation Act 2010. This means that if a term is defined in the Limitation Act 2010, it has the same meaning in this law. The Limitation Act 2010 rules apply to your claim, including sections 11(3)(a) and (b) and section 14.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4702277.

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Part 8Enforcement, liability, and appeals
Civil liability: Limitation defences

508Limitation defences

  1. The Limitation Act 2010 prescribes a defence to a money claim that is a claim for monetary relief under this subpart (for example, a pecuniary penalty order or a compensatory order).

  2. Subsections (3) to (5) apply to a claim for relief (other than any form of monetary relief or declaratory relief) under this subpart.

  3. It is a defence to the claim if the defendant proves that the date on which the claim is filed is at least 6 years after the date of the act or omission on which the claim is based.

  4. The claim has both a late knowledge period and a longstop period, and sections 11(3)(a) and (b) and 14 of the Limitation Act 2010 apply to it—

  5. as if it were a money claim; and
    1. as if the period in subsection (3) were its primary period.

      1. Every defence prescribed by this section is subject to the exceptions and modifications set out in the Limitation Act 2010 as if prescribed by that Act.

      2. Any term or expression that is defined in the Limitation Act 2010 and used in this section has the same meaning as in the Limitation Act 2010.

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