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Financial Markets Authority Act 2011

Miscellaneous provisions - Transitional provisions

70: Interpretation

You could also call this:

“Words and their meanings in this part of the law”

In this part of the law, you’ll learn what some important words mean. These definitions help everyone understand the law in the same way.

The ‘commencement date’ is when this part of the law starts working. The ‘Commission’ means the Securities Commission, which was set up by the Securities Act 1978.

‘Property’ includes all types of things you can own, including money and any rights to property.

A ‘successor’ is someone who takes over a job that the Government Actuary used to do. The law explains exactly how this happens in other sections.

A ‘suitable alternative position’ for an employee is a job that matches their skills and experience. It also needs to have pay and conditions that are at least as good as their old job.

A ‘transferred employee’ is someone who used to work for the Commission and now works for the FMA (Financial Markets Authority). This change happened on the commencement date.

These definitions help make sure everyone understands what the law means when it uses these words.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

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Part 4 Miscellaneous provisions
Transitional provisions

70Interpretation

  1. In this subpart, unless the context otherwise requires,—

    commencement date means the date on which this section comes into force

      Commission means the Securities Commission established under the Securities Act 1978

        property—

        1. means every type of property; and
          1. includes money, and every type of estate and interest in property

            successor, in respect of a function, duty, or power of the Government Actuary under an enactment, means the person who replaces the Government Actuary in respect of that function, duty, or power in accordance with sections 82 and 85 and Schedules 3 and 4

              suitable alternative position, in relation to an employee, means a position—

              1. for which the employee has the appropriate skills and experience; and
                1. the pay and conditions of which are, in their overall effect, no less favourable to the employee than those applying to the employee immediately before the date of the employee’s transfer to that position

                  transferred employee means a person who,—

                  1. immediately before the commencement date, is employed by the Commission; and
                    1. is transferred to the FMA under section 72(1)(f).

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