(26)A contravention of various Part 6 services provisions specified in Section 449(3) of the FMC Act may give rise to civil liability, including a pecuniary penalty not exceeding the greatest of the consideration for the relevant transaction, three times the amount of the gain or the loss avoided, and NZD 1 million for an individual or NZD 5 million in any other case. Civil liability, including the pecuniary penalty, may also arise where it is untruthfully held out that a person holds a market services licence (including a benchmark administrator licence).