New Zealand Legislation: Acts
Acts are laws made by Parliament
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| Public Act | 2009 No 24 |
| Date of assent | 27 July 2009 |
| Commencement | see section 2 |
The Parliament of New Zealand enacts as follows:
This Act is the Financial Advisers Amendment Act 2009.
This Act comes into force on the day after the date on which it receives the Royal assent.
This Act amends the Financial Advisers Act 2008.
Section 13(1) is amended by adding “; or”
and also by adding the following paragraph:
“(g) a disclosure statement for the purposes of the Retirement Villages Act 2003.”
Section 17(1) is amended by omitting “qualified financial entity (the QFE)”
and substituting “QFE”
.
Section 18(1) is amended by inserting “or engages”
after “employs”
.
Section 26 is amended by repealing subsection (1) and substituting the following subsections:
“(1) This section applies—
“(a) if a financial adviser (A)—
“(i) is not an authorised financial adviser; and
“(ii) is an employee or agent of a QFE; and
“(iii) performs a financial adviser service in relation to a category 2 product in the course of the QFE's business; or
“(b) if a financial adviser (A)—
“(i) is not an authorised financial adviser; and
“(ii) is an employee of a QFE; and
“(iii) performs a financial adviser service in relation to a category 1 product of which the QFE is the issuer in the course of the QFE's business.
“(1A) In this section, the financial adviser service means a financial adviser service referred to in—
“(a) subsection (1)(a)(iii); or
“(b) subsection (1)(b)(iii).”
Section 75 is repealed and the following section substituted:
“75 Exemption from liability for employee or agent of QFE
“(1) This section applies to—
“(a) a financial adviser who—
“(i) is not an authorised financial adviser; and
“(ii) is an employee or agent of a QFE; and
“(iii) performs a financial adviser service in relation to a category 2 product in the course of the QFE's business; and
“(b) a financial adviser who—
“(i) is not an authorised financial adviser; and
“(ii) is an employee of a QFE; and
“(iii) performs a financial adviser service in relation to a category 1 product of which the QFE is the issuer in the course of the QFE's business.
“(2) A financial adviser to whom this section applies is exempt from liability under this Act for contravention of a financial adviser obligation.”
Section 88(3) is amended by omitting “subsection”
and substituting “section”
.
Section 97(2) is amended by inserting “it”
after “investigate a complaint if”
.
Section 100 is amended by omitting “Commission's”
and substituting “disciplinary committee's”
.
Section 114(1) is amended by omitting “performs a financial adviser service without being registered”
and substituting “, without being registered, performs a financial adviser service that under this Act only a registered financial adviser may perform”
.
Section 138(1)(a)(ii) is amended by omitting “67(4): or”
and substituting “67(4); or”
.
Section 157 is amended by omitting “by a person in New Zealand,”
.
The following section is inserted immediately before section 162:
“161A Financial Service Providers (Registration and Dispute Resolution) Act 2008 amended
“(1) This section amends the Financial Service Providers (Registration and Dispute Resolution) Act 2008.
“(2) Section 7(2)(m) is amended by adding
‘, except to the extent that an individual may be required to be registered in order to perform a financial adviser service under the Financial Advisers Act 2008’.”
Section 164(6) is repealed.
Legislative history | |
|---|---|
| 21 July 2009 | Divided from Securities Disclosure and Financial Advisers Amendment Bill (Bill 13–2) by committee of the whole House as Bill 13–3B |
| 23 July 2009 | Third reading |
| 27 July 2009 | Royal assent |
This Act is administered by the Ministry of Economic Development.
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