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Financial Markets Authority Act 2011

General information-gathering and enforcement powers - Sharing information and documents - Power to act on requests of overseas regulators

32: FMA's consideration of requests

You could also call this:

“The FMA carefully considers requests from overseas before deciding to help”

When someone from another country asks the Financial Markets Authority (FMA) to do something, the FMA needs to think about a few things before they say yes.

First, the FMA needs to make sure that helping won’t stop them from doing their other important jobs. They also need to make sure that any information they share will be kept private, especially if it’s about a person. The FMA also thinks about whether it’s the right thing to do.

There are other things the FMA thinks about too. They consider if they can actually get the information that’s been asked for. They think about how much it might cost them to help. They wonder if the person asking could get the information from somewhere else more easily. They look at whether the person asking does a similar job to them in their own country. They think about whether that person would help them if the FMA asked for something. They also think about whether it might be better to deal with the request under a different law called the Mutual Assistance in Criminal Matters Act 1992.

The FMA thinks about all these things to decide if they should help or not.

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31: Power of FMA to act on requests of overseas regulators, or

"FMA can help overseas regulators by gathering and sharing information"

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33: Conditions that may be imposed on providing information, documents, or evidence to other agencies or regulators, or

"Rules for sharing FMA information with other groups"

Part 3 General information-gathering and enforcement powers
Sharing information and documents: Power to act on requests of overseas regulators

32FMA's consideration of requests

  1. The FMA may comply with a request under section 31 only if the FMA is satisfied that—

  2. compliance will not substantially affect the performance of its other functions; and
    1. appropriate protections are or will be in place for the purpose of maintaining the confidentiality of anything provided (in particular, information that is personal information within the meaning of the Privacy Act 2020); and
      1. it is appropriate to do so after taking into account any matters the FMA thinks relevant.

        1. The matters the FMA may take into account under subsection (1) include, without limitation,—

        2. whether the FMA is likely to be able to obtain the requested information, documents, or evidence:
          1. the cost to the FMA of complying with the request:
            1. whether the overseas regulator could more conveniently have the request satisfied by another source:
              1. the extent to which the functions of the overseas regulator correspond with the functions of the FMA:
                1. whether the overseas regulator would be likely to comply with a similar request made by the FMA and whether any arrangement with the overseas regulator to that effect exists:
                  1. whether, in the FMA's opinion, it would be more appropriate for the request to be dealt with under the Mutual Assistance in Criminal Matters Act 1992.

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                    Notes
                    • Section 32(1)(b): amended, on , by section 217 of the Privacy Act 2020 (2020 No 31).
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