New Zealand Legislation: Acts
Acts are laws made by Parliament
A person does not perform a financial adviser service in the following cases:
(a) a teacher, lecturer, journalist, or State Services employee giving advice in the course of that occupation; or
(b) a Minister of the Crown giving advice in the course of his or her duties as a Minister of the Crown; or
(c) a member of Parliament giving advice in the course of his or her duties as a member of Parliament; or
(d) a lawyer giving advice or making an investment transaction in the course of his or her professional practice as a lawyer if the advice or transaction is a necessary incident of legal practice; or
(e) a chartered accountant giving advice or making an investment transaction in the course of his or her professional practice as a chartered accountant if the advice or transaction is a necessary incident of professional accounting practice; or
(f) a tax agent giving advice or making an investment transaction in the course of his or her professional practice as a tax agent if the advice or transaction is a necessary incident of professional tax agency; or
(g) a real estate agent giving advice or making an investment transaction in the course of his or her occupation as a real estate agent if the advice or transaction is a necessary incident of working as a real estate agent; or
(h) a registered valuer giving advice in the course of his or her professional practice as a registered valuer if the advice is a necessary incident of the professional practice of a registered valuer; or
(i) any of the following persons making an investment transaction in relation to a security:
(i) an issuer or a trustee (within the meaning of the Securities Act 1978 or the Unit Trusts Act 1960):
(ii) a nominated person of a trustee (within the meaning of the Unit Trusts Act 1960):
(iii) a nominee of a nominated person of a trustee (within the meaning of the Unit Trusts Act 1960):
(iv) a statutory supervisor (within the meaning of the Securities Act 1978):
(v) a security registrar appointed by the issuer; or
(j) a person who only transmits money or other property without being able to apply the money or property for any other purpose; or
(k) a member of the board of a Crown entity under the Crown Entities Act 2004 giving advice in the course of his or her duties as a member of the board and in accordance with the Crown Entities Act 2004 and the Crown entity’s own Act; or
(l) a Crown organisation giving advice or making an investment transaction or providing a financial planning service in the course of its functions; or
(m) the Reserve Bank of New Zealand (the Reserve Bank), a member of the board of the Reserve Bank, or an employee of the Reserve Bank, giving advice or making an investment transaction in the course of the functions of the Reserve Bank; or
(n) a person giving advice, or making an investment transaction, in relation to a category 2 product or providing a financial planning service, if the advice is given, or the transaction is made, or the planning service is provided without charge in the course of a service offered by a non-profit organisation; or
(o) an employee giving advice to, or making an investment transaction on behalf of, his or her employer in the course of his or her employment; or
(p) an employer providing assistance to an employee with the implementation of a decision to acquire or dispose of a financial product made available through the employee's workplace unless the assistance includes or is accompanied by a recommendation or opinion as to the suitability of the financial product; or
(q) a company giving advice to, or making an investment transaction on behalf of, a related company; or
(r) the offeror or target company giving advice in the course of a takeover offer made under the Takeovers Code; or
(s) an independent adviser giving advice in the exercise of that person’s functions under the Takeovers Code; or
(t) a person giving general commentary relating to a financial market if that commentary is not directed to a specific person or persons; or
(u) any other person or class of persons specified in the regulations giving advice or making an investment transaction or providing a financial planning service in circumstances specified in the regulations.