Brokers’ conduct obligations

Heading: inserted, on 1 July 2010, by section 24 of the Financial Advisers Amendment Act 2010 (2010 No 40).

77J What is conduct obligation and when does it apply

(1)

A conduct obligation under this Part is an obligation under sections 77K to 77T.

(2)

The conduct obligations in sections 77K to 77O apply to all broking services.

(3)

The conduct obligations in sections 77P to 77T

(a)

apply to broking services provided to a retail client; and

(ab)

apply to custodial and other broking services provided to every investor under a retail service of a DIMS licensee (as provided by section 446 of the Financial Markets Conduct Act 2013); and

(ac)

otherwise apply to broking services provided to a wholesale client only if provided by the regulations; and

(b)

do not apply to a broker within the meaning of the Insurance Intermediaries Act 1994 in relation to any money to which section 14 or 15 of that Act applies.

Section 77J: inserted, on 1 July 2010, by section 24 of the Financial Advisers Amendment Act 2010 (2010 No 40).

Section 77J(3)(a): replaced, on 1 April 2014, by section 38 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 77J(3)(ab): inserted, on 1 April 2014, by section 38 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 77J(3)(ac): inserted, on 1 April 2014, by section 38 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).