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Financial Markets (Conduct of Institutions) Amendment Bill
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Hon Kris Faafoi
Financial Markets (Conduct of Institutions) Amendment Bill
Government Bill
203—2
Contents
Commentary
Key
1
Title
2
Commencement
Part 1
Amendments to Financial Markets Conduct Act 2013
3
Principal Act
4
Section 6 amended (Interpretation)
5
Section 386 amended (Overview)
6
Section 388 amended (When provider of market services needs to be licensed)
6A
Section 389 amended (Exemptions from need for market services licence)
7
Section 403 amended (When FMA may impose permitted conditions)
8
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
9
New subpart 6A of Part 6 inserted
Subpart 6A—Regulating conduct of financial institutions
446A
Overview
Fair conduct principle
446B
What is the fair conduct principle
446C
When fair conduct principle applies
Key definitions
446D
Meaning of financial institution
446E
Meaning of intermediary
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 fair conduct programme available
446H
Financial institution must provide copy of programme to FMA
446HA
Duty to make information about fair conduct programme publicly available
446I
Duty to comply with fair conduct programme
446I
Duty to comply with fair conduct programme
446J
Fair conduct programme does not apply to other financial institutions acting as intermediaries
446K
Duty to ensure intermediaries comply with fair conduct programme
446L
Duty to ensure intermediary’s compliance does not apply in relation to financial advice providers or other financial institutions
446M
Minimum requirements for fair conduct programme
Duties relating to incentives regulations
446N
Financial institution must comply with incentives regulations
446O
Intermediary must comply with incentives regulations
446P
Meaning of incentive
Miscellaneous provisions
446Q
FMA must obtain consent of Commerce Commission before commencing certain proceedings
446R
Pecuniary penalty order may not be made if failure relates only to certain legal obligations
446S
Other definitions used in subpart
446T
Protection of person who reports contravention or failure to comply
446U
Presumption relating to consumer insurance contract
446V
Effect of certificate from policyholder or client
446W
Revocation of certification
446X
Review of subpart and licensing requirement for financial institutions
10
Section 449 amended (Part 6 services provisions)
10A
Section 468 amended (When FMA may make direction orders)
11
Section 489 amended (When court may make pecuniary penalty orders)
12
Section 498 amended (Terms of other civil liability orders)
13
Section 499 amended (General defences for person in contravention)
14
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
15
Section 507 amended (No pecuniary penalty and fine for same conduct)
16
Section 546 amended (Regulations for purposes of Part 6 (market services))
17
Section 550 amended (Procedural requirements for regulations relating to exemptions, exclusions, and definitions)
18
New Part inserted in Schedule 4
Part 2
Other amendments
Subpart 1—Amendment to Credit Contracts and Consumer Finance Act 2003
19
Amendment to Credit Contracts and Consumer Finance Act 2003
20
New section 113A inserted (Sharing of information and documents with Financial Markets Authority)
113A
Sharing of information and documents with Financial Markets Authority
Subpart 2—Consequential amendments
21
Consequential amendments to other enactments
Schedule 1
New Part inserted into Schedule 4
Schedule 2
Consequential amendments
Legislative history
The Parliament of New Zealand enacts as follows: