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New Zealand Legislation: Acts

Acts are laws made by Parliament

18 Employer or principal of financial adviser must be registered

(1) This section applies where one person (A) employs or engages another person (B) as employee or agent to perform a financial adviser service in the course of A’s business for A’s client or clients (the financial adviser service).
(2) In any case to which this section applies,—
- (a) A must maintain registration for the duration of B’s employment or agency; and
- (b) B must not perform the financial adviser service if B knows or ought to know that A is not currently registered.
(3) A person who contravenes subsection (2) commits an offence (see section 116).
Section 18(1): amended, on 28 July 2009, by section 6 of the Financial Advisers Amendment Act 2009 (2009 No 24).