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Compliance

ACVM Operational Policy No 165

May 2008

Important Disclaimer
Every effort has been made to ensure the information in this report is accurate.

NZFSA does not accept any responsibility or liability whatsoever for any error of fact, omission, interpretation or opinion that may be present, however it may have occurred.

Website
This document may be altered at any time. It was current as at the date in the footer of each page. It is recommended that anyone intending to use this document should contact the ACVM Group of NZFSA or check its website (http://www.nzfsa.govt.nz/acvm/) to confirm that it is the current version.

Table of Contents

1 Introduction 3

2 Purpose of compliance 3

3 Compliance funding 3

4 Relationship with other agencies 4

5 Scope of compliance 5

5.1 Authorisations 5

5.2 Prohibitions 6

5.3 Suspensions 6

5.4 Post-approval checks 6

5.5 Application of Sanctions 7

5.6 Investigation 8

5.7 Prosecution 8

5.8 External review 9

6 Roles and responsibilities 9

6.1 Regulator 9

6.2 Third party audit 10

6.3 Regulated parties or industries 10

7 Compliance responses 10

8 Monitoring activity 11

8.1 Regular programmes 11

8.2 Short-term programmes 12

8.3 Other monitoring 12

9 Surveillance 13

10 Reality checks 13