448GFMA may give interim direction pending exercise of power

1. The FMA may give an interim direction (an interim direction) of the kind referred to in section 448C or 448D that is in force for the period referred to in subsection (2) if—

2. the FMA is considering, at any time, whether it may exercise a power under section 448C or 448D; and
3. the FMA considers that making an interim direction is necessary or desirable in the public interest.

4. An interim direction is in force from the time at which it is given until the close of—

5. the date that is 15 working days after the day on which it is given; or
6. a later date specified by the FMA by notice to the person to whom the interim direction relates.

7. For the purposes of subsection (2)(b),—

8. the FMA may specify a later date if the FMA is of the opinion that it is not reasonably practicable for it to complete its consideration as referred to in subsection (1)(a) within the 15-working-day period referred to in subsection (2)(a); and
9. the later date must be a date that is no more than 30 working days after the day on which the interim direction is given.

10. The FMA—

11. may act under subsection (1) or (2)(b) without giving the person to whom the interim direction relates an opportunity to make submissions to, or be heard before, the FMA in respect of the matter; but
12. must, after acting under subsection (1) or (2)(b), give that person or that person’s representative an opportunity to make written submissions and to be heard on the matter.

13. The person to whom the interim direction relates must comply with the direction (see subpart 3 of Part 8, which provides for civil liability for a contravention of this section).