Financial Advisers Act 2008 No 91 (as at 01 July 2011), Public Act

12 When person provides discretionary investment management service
  • (1) A person (A) provides a discretionary investment management service if A—

    • (a) decides which financial products to acquire or dispose of on behalf of a client (B); and

    • (b) in doing so is acting under an authority granted to A (or A's employer or principal) to manage some or all of B's holdings of financial products.

    (2) In determining whether A has that authority, it does not matter if B has the right to be consulted on, or to countermand, A's decisions.

    Section 12: substituted, on 1 July 2010, by section 10 of the Financial Advisers Amendment Act 2010 (2010 No 40).