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Financial Markets Conduct Act 2013

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

448H: FMA must give notice after giving interim direction

You could also call this:

"The law says FMA must inform you in writing after making a temporary decision that affects you."

Illustration for Financial Markets Conduct Act 2013

If the FMA gives an interim direction, they must tell the person it affects as soon as possible. You will get written notice of what the interim direction says, why it was given, and any other important information. The FMA might also put the direction on their website or tell other people about it. If the interim direction is about a financial benchmark, the FMA will also tell the relevant licensee. The FMA can give notice to anyone else they think needs to know about the interim direction, as seen in the Financial Markets (Derivatives Margin and Benchmarking) Reform Amendment Act 2019. The FMA has to follow these steps when giving an interim 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=LMS463035.

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

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"Rules about how the FMA makes and changes its directions"

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

448HFMA must give notice after giving interim direction

  1. If the FMA gives an interim direction, the FMA—

  2. must, as soon as is reasonably practicable, give written notice to the person to whom the interim direction relates of—
    1. the terms and conditions of the interim direction; and
      1. the reasons for the interim direction; and
        1. any other information the FMA thinks relevant in the circumstances; and
        2. in the case of an interim direction to a contributor, must also give the written notice referred to in paragraph (a) to the relevant licensee in respect of the financial benchmark; and
          1. may also make the direction available on its Internet site; and
            1. may also give notice to any other person of those matters.

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