Plain language law

New Zealand law explained for everyone

Financial Markets Conduct Act 2013

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

446W: Review of subpart and licensing requirement for financial institutions

You could also call this:

"Checking if financial institution rules are working well"

Illustration for Financial Markets Conduct Act 2013

The Minister has to review how well the rules for financial institutions are working. You will see this in the rules about acting as a financial institution, which are found in section 388. The Minister must also look at how well this part of the law is working.

The Minister has to start this review before five years have passed since this part of the law came into effect. When the Minister does the review, they have to think about how well the rules for financial institutions work with other laws and rules that apply to them.

The Minister must talk to the people and organisations they think should be involved in the review. After the review is finished, the Minister has to give a report to the House of Representatives as soon as possible, but no later than seven years after this part of the law came into effect.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS1428524.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
Previous

446V: Application of subpart to Lloyd's underwriters, or

"Special rules for Lloyd's underwriters and managing agents in New Zealand"

Next

447: Application of regulations made under this subpart, or

"Rules made under this law apply to companies that issue derivatives, no matter what."

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

446WReview of subpart and licensing requirement for financial institutions

  1. The Minister must—

  2. commence a review of the operation and effectiveness of—
    1. the licensing requirement under section 388 for the service of acting as a financial institution; and
      1. this subpart; and
      2. prepare a report on that review.

        1. The review must be commenced before the fifth anniversary of the day on which this subpart comes into force.

        2. The Minister must, in carrying out the review,—

        3. consider how effectively the licensing requirement and this subpart operate with other legislation and regulatory requirements that apply to financial institutions; and
          1. ensure that the people and organisations that the Minister thinks appropriate are consulted.

            1. The Minister must present a copy of the report to the House of Representatives as soon as practicable after the report has been completed (but, in any event, before the seventh anniversary of the day on which this subpart comes into force).

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