A Regulator With Teeth: The Enforcement Capabilities of the FMA: Part 3.
Mondaq Business Briefing › Nbr. 2011, January 2011
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Financial market Association
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A Regulator With Teeth: The Enforcement Capabilities of the FMA: Part 3.
THE MECHANICS
The flowchart at Appendix II sets out in summary form the mechanics of the FMA's power to exercise a person's right of action. That power may only be exercised "as a result of an inquiry or investigation carried out by the FMA". While the Act is silent as to whether this investigation or inquiry must be complete before the FMA exercises the power, equivalent statutory language in Australia has been interpreted as not requiring completion and, in any event, any such requirement is likely to be easily achieved. The FMA then has three options: to take no action, to take direct enforcement action (...See the full content of this document
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