New Zealand Legislation: Acts
Acts are laws made by Parliament
(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).
