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Financial Markets Conduct Act 2013

Licensing and other regulation of market services - Regulating conduct of financial institutions - Miscellaneous provisions

446N: FMA must obtain consent of Commerce Commission before commencing certain proceedings

You could also call this:

"Before taking action, the FMA must ask the Commerce Commission for permission in certain cases."

Illustration for Financial Markets Conduct Act 2013

The FMA is an organisation that helps keep an eye on financial markets in New Zealand. If the FMA thinks someone has done something wrong under a certain part of the law, they need to get permission from the Commerce Commission before they can take action. This is because the wrong behaviour might also break rules in the Credit Contracts and Consumer Finance Act 2003 or the Fair Trading Act 1986. If the FMA forgets to get this permission, it does not stop them from taking action against the person who did something wrong. You should know that the FMA has to follow these rules when dealing with certain cases.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS1428477.

Topics:
Money and consumer rights > Banking and loansMoney and consumer rights > Consumer protectionBusiness > Industry rulesBusiness > Fair trading
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"What is an incentive: a reward for doing something, like getting money for selling a product."

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"No fine if you break a small rule about certain legal obligations."

Part 6Licensing and other regulation of market services
Regulating conduct of financial institutions: Miscellaneous provisions

446NFMA must obtain consent of Commerce Commission before commencing certain proceedings

  1. The FMA must, before commencing a proceeding under subpart 3 of Part 8 for a contravention of this subpart, obtain the consent of the Commerce Commission if the FMA considers that the conduct in question is likely to contravene any provision of—

  2. the Credit Contracts and Consumer Finance Act 2003; or
    1. the Fair Trading Act 1986.

      1. However, a failure to obtain consent does not affect any proceedings commenced by the FMA.

      Notes
      • Section 446N: inserted, on , by section 12 of the Financial Markets (Conduct of Institutions) Amendment Act 2022 (2022 No 36).