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Financial Markets Conduct Act 2013

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

448F: FMA must follow steps for giving direction

You could also call this:

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

Illustration for Financial Markets Conduct Act 2013

When the Financial Markets Authority gives a direction under section 448C or 448D, they must follow certain steps. These steps are the same as the ones they follow for orders under Part 8. This means that sections 475 to 477 apply to these directions, so the Financial Markets Authority must do what these sections say when giving a direction.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS463025.

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448E: Duration of direction, or

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

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448G: FMA may give interim direction pending exercise of power, or

"The FMA can give a temporary order while they decide what to do."

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

448FFMA must follow steps for giving direction

  1. Sections 475 to 477 apply to a direction under section 448C or 448D as if the direction were an order under Part 8.

Notes
  • Section 448F: inserted, on , by section 43 of the Financial Markets (Derivatives Margin and Benchmarking) Reform Amendment Act 2019 (2019 No 46).