New Zealand Legislation: Acts

14 Other exemptions

• (1) None of the following is a financial adviser service for the purposes of this Act:

  • Other occupations

  • (a) a teacher, lecturer, journalist, or State services employee providing a relevant service in the course of that occupation:

  • (b) a Minister of the Crown providing a relevant service in the course of his or her duties as a Minister of the Crown:

  • (c) a member of Parliament providing a relevant service in the course of his or her duties as a member of Parliament:

  • (d) a lawyer, incorporated law firm, conveyancing practitioner, chartered accountant, tax agent, real estate agent, registered legal executive, registered valuer, or any other exempted class of service provider (as specified in the regulations) providing a relevant service in the ordinary course of business of that kind:

  • Crown-related organisations and other statutory officers and organisations

  • (e) a statutory officer, a Crown organisation (other than Public Trust), or the Reserve Bank of New Zealand—

    • (i) discharging any duties or exercising any powers of the statutory officer, the Crown organisation, or the Reserve Bank of New Zealand under any enactment; or

    • (ii) doing anything that is incidental to the discharge of the functions of the statutory officer, the Crown organisation, or the Reserve Bank of New Zealand under any enactment:

  • Non-profit organisations, workplace financial products, and trustee corporations

  • (f) a non-profit organisation providing a relevant service if the relevant service is provided, without charge, in the course of the organisation's activities:

  • (g) an employer providing a relevant service to an employee in connection with a financial product made available through the employee's workplace:

  • (h) a trustee corporation providing a relevant service in the ordinary course of providing—

    • (i) legal or financial services relating to the preparation or drafting of a will; and

    • (ii) estate management and administration services (and associated legal, financial, and other services carried out under the relevant enactment governing the trustee corporation):

  • Activities governed by other regulatory frameworks

  • (i) a principal officer of any entity providing a relevant service in the person's capacity as a principal officer:

  • (j) the offeror or target company providing a relevant service in the course of a takeover offer under the Takeovers Code:

  • (k) an independent adviser providing a relevant service in the course of that person's functions under the Takeovers Code:

  • (l) an approved rating agency providing a relevant service in connection with a rating given or to be given by it:

  • (m) any form of communication made by or on behalf of an issuer that is contained in, or given in connection with, an offer of securities that—

    • (i) does not constitute an offer of securities to the public under section 3 of the Securities Act 1978; or

    • (ii) is exempt from Part 2 (other than sections 38B and 58) of that Act under section 5(2CB) or 5(2CBA) of that Act:

  • (n) a person providing a relevant service in the course of carrying on a business of dealing in futures contracts within the scope of an authorisation under section 38(1)(a) of the Securities Markets Act 1988 or an approval under section 38(1)(b) of that Act:

  • Documents required by law

  • (o) providing or making available to a person any of the following documents or information:

    • (i) a prospectus, an investment statement, or an advertisement within the meaning of section 2A of the Securities Act 1978:

    • (ii) a document or information that is required by law to be provided or made available (for example, an annual report of a company), whether directly or as a condition of carrying out any activity or as a condition of an exemption from any enactment:

    • (iii) any other exempted document or information (as specified in the regulations):

  • Services provided to product provider

  • (p) a person providing a relevant service to a product provider in connection with a financial product of that provider in the course of an appointment by, or under a contract for services with, the product provider:

  • Other exemptions in regulations

  • (q) any other person providing a relevant service in circumstances exempted under the regulations.

  (2) If subsection (1) applies to a person (A), it applies equally to any controlling owner, director, employee, agent, or other person acting in the course of, and for the purposes of, A's business to the same extent as it applies to A.

  (3) In this section, relevant service means a service that, but for subsection (1), would be a financial adviser service.

  Section 14: substituted, on 1 July 2010, by section 10 of the Financial Advisers Amendment Act 2010 (2010 No 40).