Financial Service Providers (Registration and Dispute Resolution) Act 2008

5 Meaning of financial service

(1)

In this Act, financial service means any of the following financial services:

(a)

a financial adviser service:

(ab)

a broking service (including a custodial service):

(b)

being a licensed NBDT, as defined in the Non-bank Deposit Takers Act 2013:

(c)

being a registered bank:

(d)

keeping, investing, administering, or managing money, securities, or investment portfolios on behalf of other persons:

(e)

being a creditor under a credit contract:

(f)

operating a money or value transfer service:

(g)

issuing and managing means of payment (for example, credit and debit cards, cheques, travellers’ cheques, money orders, bankers’ drafts, and electronic money):

(h)

giving financial guarantees:

(i)

participating in an FMC offer as the issuer or offeror of the financial products:

(ia)

acting in any of the following capacities in respect of regulated products or financial products offered under an FMC offer:

(i)

as an issuer:

(ii)

as a supervisor:

(iii)

as an investment manager:

(ib)

a licensed market service:

(ic)

acting as a custodian in respect of a registered scheme or a discretionary investment management service provided by a DIMS licensee:

(id)

operating a financial product market:

(j)

changing foreign currency:

(k)

trading financial products or foreign exchange on behalf of other persons:

(l)

providing forward foreign exchange contracts:

(m)

acting as an insurer:

(n)

providing any other financial service that is prescribed for the purposes of New Zealand complying with the FATF Recommendations, other recommendations by FATF, or other similar international obligations that are consistent with the purpose of this Act.

(2)

In this section, custodian, DIMS licensee, discretionary investment management service, financial product, financial product market, investment manager, issuer, licensed market service, offeror, registered scheme, regulated products, and supervisor have the same meanings as in section 6(1) of the Financial Markets Conduct Act 2013.

(3)

In this section, FMC offer means any of the following kinds of offers:

(a)

a regulated offer within the meaning of section 41 of the Financial Markets Conduct Act 2013:

(b)

an offer of financial products referred to in clause 19 or 21 of Schedule 1 of that Act.

Section 5(1)(ab): inserted, on 1 July 2010, by section 8(1) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 5(1)(ab): amended, on 1 April 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 5(1)(b): replaced, on 1 May 2015, by section 91(2) of the Non-bank Deposit Takers Act 2013 (2013 No 104).

Section 5(1)(e): amended, on 6 June 2015, by section 7 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 5(1)(i): replaced, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 5(1)(ia): replaced, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 5(1)(ib): inserted, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 5(1)(ic): inserted, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 5(1)(id): inserted, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 5(1)(k): replaced, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 5(1)(m): replaced, on 1 July 2010, by section 8(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 5(2): inserted, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 5(3): inserted, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).