Financial Markets Conduct Act 2013

Licensing and other regulation of market services - Additional regulation of licences relating to financial benchmarks

448E: Duration of direction

You could also call this:

"How long you have to follow a direction from the FMA"

Illustration for Financial Markets Conduct Act 2013

When you get a direction under section 448C or section 448D, it will tell you how long you have to follow it. This period cannot be more than 12 months. You will know exactly how long you have to comply with the direction. The direction will specify the time period.

The FMA can extend the time period by giving you a written notice. This extension cannot be more than 12 months. The FMA will let you know in writing if they extend the period.

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This page was last updated on 15 July 2025

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS462869.

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448D: FMA’s powers to direct administration of financial benchmark, or

"The FMA can direct a company on how to manage a financial benchmark if it's not being run properly."

448F: FMA must follow steps for giving direction, or

"The Financial Markets Authority must follow rules when telling someone what to do."

Part 6Licensing and other regulation of market services
Additional regulation of licences relating to financial benchmarks

448EDuration of direction

A direction under section 448C or 448D must specify the period (not exceeding 12 months) during which the contributor, licensee, or authorised body must comply with the direction.
The FMA may, by written notice, extend the period referred to in subsection (1) by a further period of not more than 12 months.

Notes

Section 448E: inserted, on 14 March 2021, by section 43 of the Financial Markets (Derivatives Margin and Benchmarking) Reform Amendment Act 2019 (2019 No 46).