Financial Service Providers (Registration and Dispute Resolution) Act 2008

7 Application of Act

(1)

This Act applies to persons who are in the business of providing a financial service.

(2)

None of the following persons are in the business of providing a financial service for the purposes of this Act to the extent this subsection applies to them:

(a)

a lawyer, incorporated law firm, conveyancing practitioner, qualified statutory accountant, tax agent, or real estate agent providing a service in the ordinary course of business of the relevant kind:

(b)

a government department listed in Schedule 1 of the State Sector Act 1988:

(c)

the Reserve Bank of New Zealand (and any subsidiaries):

(d)

the statutory entities listed in Schedule 1 of the Crown Entities Act 2004 (other than Public Trust):

(e)

a person engaged in terminating the business of a financial service provider after that provider has been deregistered:

(f)

a non-profit organisation in respect of free financial services:

(g)
[Repealed]

(h)

an executor, administrator, or trustee in respect of services provided in the administration of an estate or a trustee in respect of services provided to beneficiaries of a family trust:

(i)

a nominated representative (within the meaning of the Financial Advisers Act 2008) while acting in that capacity:

(j)

an employer while providing services to enable employees of the employer to obtain rights or benefits under a retirement scheme (as defined in section 6(1) of the Financial Markets Conduct Act 2013), being a scheme in which that employer participates for the benefit of its employees:

(k)

any person exempted, under regulations made under this Act or by or under any other enactment, from the application of this Act or from the requirement to register under this Act (to the extent of the relevant exemption).

(3)

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

(4)

However, subsections (2) and (3) do not apply if, and to the extent that, any other enactment requires a person referred to in those subsections to be registered under this Act.

Section 7: replaced, on 1 July 2010, by section 9 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 7(2)(a): amended, on 1 July 2015, by section 17 of the Financial Reporting Amendment Act 2014 (2014 No 64).

Section 7(2)(d): amended, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 7(2)(g): repealed, on 1 July 2014, by section 8 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 7(2)(j): replaced, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).