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Recital 27

Recital 27

(27)A contravention of various Part 6 services provisions specified under Section 449(4) of the FMC Act may give rise to civil liability, including a pecuniary penalty not exceeding NZD 200 000 for an individual or NZD 600 000 in any other case. That includes contravention of the following Part 6 services provisions (relevant to licensed benchmark administrators): Sections 448C, 448D and 448G of the FMC Act (directions to a contributor or an administrator of a financial benchmark); and conditions imposed on a licensed benchmark administrator that are specified in Regulation 198(2) of the FMC Regulations.

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