New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) Each of the following persons must notify the Registrar about the following relevant changes relating to a financial service provider:
(a) a financial service provider, if—
(i) the provider knows that the provider is no longer qualified for registration in accordance with section 13; or
(ii) the provider is in a business of providing a financial service for which the provider is not registered; or
(iii) the provider knows that any details on the register are no longer correct:
(b) the licensing authority, if the licensing authority knows that a financial service provider has ceased to be licensed:
(c) the person responsible for an approved dispute resolution scheme or the reserve scheme of which a financial service provider was a member, if the person knows that the provider is no longer a member of that scheme.
(2) The time within which a person must notify the Registrar under subsection (1) is 10 working days from the date the person comes to know about the change.
(3) A financial service provider who breaches subsection (1)(a) commits an offence and is liable on summary conviction to a fine not exceeding $10,000.
(4) A person who breaches subsection (1)(c) commits an offence and is liable on summary conviction to a fine not exceeding $10,000.
Section 17(1)(a): substituted, on 1 July 2010, by section 16 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
Section 17(1)(b): substituted, on 1 July 2010, by section 16 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
