New Zealand Legislation: Acts
Acts are laws made by Parliament
In this Act, unless the context otherwise requires,—
advertisement means a form of communication that—
(a) refers to a financial adviser or financial adviser service or is reasonably likely to induce persons to seek a financial adviser service; and
(b) is authorised or instigated by, or on behalf of, a financial adviser or QFE or prepared with the co-operation of, or by arrangement with, a financial adviser or QFE; and
(c) is to be, or has been, distributed to a person
approved dispute resolution scheme has the same meaning as in section 4 of the FSP Act
authorised means authorised by the Commission under section 55
authorised advertisement has the same meaning as in section 38 of the Securities Act 1978
authorised financial adviser means a person described in section 51
bank in New Zealand means a registered bank that carries on in New Zealand the business of banking
bank term deposit means a fixed term deposit product offered by a registered bank in New Zealand
business includes any profession, trade, or undertaking, whether or not carried on with the intention of making a profit
call debt security has the meaning given to it in the regulations
category 1 product means—
(a) a security (other than a security that is a category 2 product); or
(b) any estate or interest in land; or
(c) a futures contract; or
(d) any other product specified by the regulations
category 2 product means—
(a) a call debt security; or
(b) a bank term deposit; or
(c) an insurance product excluding a life insurance policy issued after 31 December 2008; or
(d) a consumer credit contract as defined in section 11 of the Credit Contracts and Consumer Finance Act 2003; or
(e) any other product specified by the regulations
chartered accountant has the same meaning as in section 2 of the Institute of Chartered Accountants of New Zealand Act 1996
client means a person for whom a financial adviser service is performed
code means the code of professional conduct brought into force under section 94
college of education has the same meaning as in section 159 of the Education Act 1989
Commission means the Securities Commission established under the Securities Act 1978
Commissioner for Financial Advisers or Commissioner means the person appointed under section 79(3)
conduct obligation means an obligation described in section 32
Crown organisation has the same meaning as in section 6 of the Lawyers and Conveyancers Act 2006
director means a director as defined in section 126 of the Companies Act 1993
disclosure obligation means the obligation described in section 21
dispose of includes—
(a) dispose of by allotting, withdrawing from, or terminating; and
(b) agree to dispose of
document means—
(a) any material, whether or not it is signed or otherwise authenticated, that bears symbols (including words and figures), images, or sounds from which symbols, images, or sounds can be derived, and includes—
(i) a label, marking, or other writing that identifies or describes a thing of which it forms part, or to which it is attached:
(ii) a book, map, plan, graph, or drawing:
(iii) a photograph, film, or negative; or
(b) information electronically recorded or stored, and information derived from that information
entity does not include an individual
financial adviser has the meaning set out in section 8
financial adviser obligation means an obligation of a financial adviser under this Act, the regulations, or the code
financial adviser service has the meaning set out in section 10
financial planning service means a service that analyses an individual's current financial situation, identifies his or her financial goals, and develops financial options for realising those goals
financial product means a category 1 product or a category 2 product
futures contract has the same meaning as in section 37(1) of the Securities Markets Act 1988
general education system has the same meaning as in section 120 of the Education Act 1989
individual means a natural person
investment statement has the same meaning as in section 38C of the Securities Act 1978
investment transaction means the receipt, handling, payment, or investment of money or other property by one person on behalf of another person in relation to acquiring or disposing of a financial product
issuer has the same meaning as in section 2(1) of the Securities Act 1978
lawyer has the same meaning as in section 6 of the Lawyers and Conveyancers Act 2006
lecturer means a person who is employed by a university, polytechnic, or college of education to teach or instruct students of the university, polytechnic, or college of education
licensed service has the same meaning as in section 4 of the FSP Act
life insurance policy has the same meaning as in section 2(1) of the Securities Act 1978
Minister means the Minister of the Crown who, under the authority of any warrant or with the authority of the Prime Minister, is for the time being responsible for the administration of this Act
Ministry means the department of State that, with the authority of the Prime Minister, is for the time being responsible for the administration of this Act
overseas regulator means a body in another country with functions corresponding to those of the Commission under this Act
polytechnic has the same meaning as in section 159(1) of the Education Act 1989
prescribed means prescribed by regulations made under this Act
principal officer means a director or a person who occupies a position equivalent to that of a director (such as a trustee or partner)
prospectus has the same meaning as in section 2(1) of the Securities Act 1978
qualifying financial entity or QFE means an entity described in section 63
real estate agent means a person who is a licensee under the Real Estate Agents Act 2008
record includes—
(a) any file, register, ledger, book of account, or passbook, and any reproduction or copy of them or any entry in any of them; and
(b) any apparatus or equipment in or on which information is recorded, stored, or embodied in any form so as to be capable of being retrieved, reproduced, or processed by any means; and
(c) any material by means of which information is supplied to, or derived from, any such apparatus or equipment
register means the register of financial service providers maintained under the FSP Act
registered means registered under the FSP Act and registration has a corresponding meaning
registered bank has the same meaning as in section 2(1) of the Reserve Bank of New Zealand Act 1989
registered exchange has the same meaning as in section 2(1) of the Securities Markets Act 1988
registered valuer has the same meaning as in section 2 of the Valuers Act 1948
Registrar means the Registrar of Financial Service Providers
regulations means regulations made under this Act
related company has the same meaning as in section 2(3) of the Companies Act 1993
security—
(a) means—
(i) any interest in, or right to participate in, any capital, assets, earnings, royalties, or other properties of any person:
(ii) any interest in, or right to be paid, money that is, or is to be, deposited with, lent to, or otherwise owing by any person (whether or not the interest or right is secured by a charge over any property):
(iii) any renewal or variation of the terms or conditions of any existing security; but
(b) does not include a security exempted from Part 2 of the Securities Act 1978 under any of paragraphs (b) to (h) of section 5(1) of that Act
State services has the meaning given to it in section 2 of the State Sector Act 1988
State services employee means an employee or chief executive in any part of the State services, whether paid by salary, wages, or otherwise
Takeovers Code means the takeovers code in force under the Takeovers Act 1993
tax agent has the same meaning as in section 3(1) of the Tax Administration Act 1994
teacher means a person in a teaching position in the general education system
teaching position has the same meaning as in section 120 of the Education Act 1989
trust account means, in relation to an authorised financial adviser, any trust account at a bank in New Zealand or any other prescribed entity that is—
(a) a trust account in the name of the financial adviser; or
(b) if the financial adviser is the employee or agent of another person (A) and performs a financial adviser service in the course of A's business, a trust account in A's name or the name of the financial adviser
trust account records—
(a) means records relating to a trust account; and
(b) includes any information that relates to a trust account and that is recorded or stored by means of any tape recorder, computer, or other device, and any material subsequently derived from information so recorded or stored
university has the same meaning as in section 159 of the Education Act 1989.