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Financial Markets (Conduct of Institutions) Amendment Act 2022
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Ministry of Business, Innovation, and Employment
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Financial Markets (Conduct of Institutions) Amendment Act 2022
Public Act
2022 No 36
Date of assent
29 June 2022
Commencement
see section 2
Contents
1
Title
2
Commencement
Part 1
Amendments to Financial Markets Conduct Act 2013
3
Principal Act
4
Section 5 amended (Overview)
5
Section 6 amended (Interpretation)
6
Section 386 amended (Overview)
7
Section 387 amended (Territorial scope for licensing and other regulation of certain market services)
8
Section 388 amended (When provider of market services needs to be licensed)
9
Section 389 amended (Exemptions from need for market services licence)
10
Section 403 amended (When FMA may impose permitted conditions)
11
New section 409A inserted (Restriction on suspending or cancelling licence to act as financial institution)
409A
Restriction on suspending or cancelling licence to act as financial institution
12
New subpart 6A of Part 6 inserted
Subpart 6A—Regulating conduct of financial institutions
446A
Overview
446B
Territorial scope of subpart
Fair conduct principle
446C
What is the fair conduct principle
446D
When fair conduct principle applies
Key definitions
446E
Meaning of financial institution
446F
Meaning of relevant service and associated product
Fundamental duties to meet fair conduct principle
446G
Duty to establish, implement, and maintain effective fair conduct programme
446H
Duty to make information about fair conduct programme publicly available
446I
Duty to comply with fair conduct programme
446J
Minimum requirements for fair conduct programme
Duties relating to incentives regulations
446K
Financial institution must comply with incentives regulations
446L
Intermediary must comply with incentives regulations
446M
Meaning of incentive
Miscellaneous provisions
446N
FMA must obtain consent of Commerce Commission before commencing certain proceedings
446O
Pecuniary penalty order may not be made if failure relates only to certain legal obligations
446P
Other definitions used in subpart
446Q
Meaning of intermediary
446R
Protection of person who reports contravention or failure to comply
446S
Presumption relating to consumer insurance contract
446T
Effect of certificate from policyholder or client
446U
Revocation of certification
446V
Application of subpart to Lloyd’s underwriters
446W
Review of subpart and licensing requirement for financial institutions
13
Section 449 amended (Part 6 services provisions)
14
New section 449A and cross-heading inserted
Requirements relating to exemption for Lloyd’s underwriters
449A
Lloyd’s, Lloyd’s underwriter, or Lloyd’s managing agent must comply with term or condition of licensing exemption for Lloyd’s underwriters
15
Section 468 amended (When FMA may make direction orders)
16
Section 469 amended (Terms of direction orders)
17
Section 489 amended (When court may make pecuniary penalty orders)
18
Section 498 amended (Terms of other civil liability orders)
19
Section 506 replaced (Only 1 pecuniary penalty order may be made for same conduct)
506
Only 1 pecuniary penalty may be imposed for same conduct
20
Section 507 amended (No pecuniary penalty and fine for same conduct)
21
Section 546 amended (Regulations for purposes of Part 6 (market services))
22
Section 550 amended (Procedural requirements for regulations relating to exemptions, exclusions, and definitions)
23
Schedule 4 amended
Part 2
Other amendments
Subpart 1—Amendment to Financial Markets Authority Act 2011
24
Principal Act
25
Section 4 amended (Interpretation)
Subpart 2—Consequential amendments
26
Consequential amendments to other enactments
Schedule 1
New Part inserted into Schedule 4
Schedule 2
Consequential amendments
Legislative history
Administrative information
The Parliament of New Zealand enacts as follows: