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Financial Markets Authority Act 2011

Financial Markets Authority - Membership of board of FMA

12: Associate member treated as member of board

You could also call this:

“Associate members can do FMA board tasks, but only for specific topics”

When you’re appointed as an associate member of the Financial Markets Authority (FMA) board, you’re treated like a regular board member for most purposes. This means you can do the same things as other board members when it comes to the FMA’s jobs and responsibilities.

However, there’s a big difference in what meetings you can attend and vote in. You can only go to meetings that are about the specific topics mentioned when you were appointed. You can also join in on discussions about things related to those topics.

When people talk about FMA members in this law or other laws, they usually mean both regular members and associate members. But sometimes, the law might say something different or make it clear that it’s only talking about regular members.

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11: Associate members, or

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Part 2 Financial Markets Authority
Membership of board of FMA

12Associate member treated as member of board

  1. An associate member must be treated as being a member of the board of the FMA for the purposes of the performance or exercise of any function, duty, or power of a member of the board of the FMA under this Act or any other enactment.

  2. Despite subsection (1), an associate member may attend and vote only at a meeting of the FMA relating to the matter or class of matters specified in that member's notice of appointment (including a meeting relating to matters incidental to the matter or class of matters so specified).

  3. Except where section 11, this section, or the context otherwise requires, a reference in this Act or in any other enactment to a member of the FMA must be construed as including a reference to an associate member.

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