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Financial Markets Conduct Act 2013

Financial reporting - Preparation, audit, and lodgement of financial statements - FMC reporting entities with higher level of public accountability

461L: FMA may issue notice relating to level of public accountability

You could also call this:

"The FMA can send a notice to companies to help keep them accountable to the public."

Illustration for Financial Markets Conduct Act 2013

The FMA can issue a notice about an FMC reporting entity or a group of them. This notice is for the purposes of section 461K(1)(h) or section 461K(2). The FMA does this to help with the main goals of the Financial Markets Conduct Act, which are outlined in section 3 and section 4.

Before the FMA issues a notice, they must make sure it is necessary to promote the main purposes of the Act. The FMA has to think about whether the notice will help achieve the goals of the Act.

The rules in Subpart 5 of Part 9 apply to these notices, which means the FMA has to follow certain procedures when issuing them.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6027087.

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461K: FMC reporting entities considered to have higher level of public accountability, or

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461M: Part 7 financial reporting provisions, or

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Part 7Financial reporting
Preparation, audit, and lodgement of financial statements: FMC reporting entities with higher level of public accountability

461LFMA may issue notice relating to level of public accountability

  1. The FMA may issue a notice that specifies an FMC reporting entity, or a class of FMC reporting entities, for the purposes of—

  2. section 461K(1)(h); or
    1. section 461K(2).

      1. The FMA must, before issuing a notice under subsection (1), be satisfied that the notice is necessary or desirable in order to promote the main purposes of this Act as specified in section 3 or any of the additional purposes specified in section 4.

      2. Subpart 5 of Part 9 (general provisions relating to certain FMA instruments) applies to a notice under this section.

      Notes
      • Section 461L: inserted, on , by section 48 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).