Financial Advisers Amendment Act 2011

Coat of Arms of New Zealand

Financial Advisers Amendment Act 2011

Public Act2011 No 9
Date of assent18 April 2011
Commencementsee section 2

The Parliament of New Zealand enacts as follows:

1  Title
  • This Act is the Financial Advisers Amendment Act 2011.

2  Commencement
  • This Act comes into force on 1 May 2011.

3  Principal Act amended
4  Office of Commissioner for Financial Advisers disestablished
  • The office of the Commissioner for Financial Advisers is disestablished.

Amendments to Financial Advisers Act 2008

5  Interpretation
  • The definition of Commissioner for Financial Advisers or Commissioner in section 5 is repealed.

6  Outline of this Part
7  Heading to subpart 1 of Part 4 amended
  • The heading to subpart 1 of Part 4 is amended by omitting Commissioner for Financial Advisers, code of professional conduct, and substituting Code of professional conduct.

8  Heading above section 79 and sections 79 and 80 repealed
  • The heading above section 79 and sections 79 and 80 are repealed.

9  Section 81 substituted
  • Section 81 is repealed and the following section substituted:

    81 Establishment of code committee
    • The code committee is established.

10  Membership of disciplinary committee
  • Section 105(3) is amended by omitting the Commissioner and substituting one of the members of the disciplinary committee.

11  Failure to comply with summons by Commissioner to attend disciplinary committee hearing
  • The heading to section 137 is amended by omitting by Commissioner.

12  Consequential replacements of references to Commissioner
  • (1) The provisions specified in Part 1 of the Schedule are consequentially amended by omitting Commissioner in each place where it appears and substituting in each case FMA.

    (2) The provisions specified in Part 2 of the Schedule are consequentially amended by omitting Commissioner's in each place where it appears and substituting in each case FMA's.

    (3) Section 89(2) is consequentially amended by omitting he or she and substituting it.

Transitional provisions

13  Transitional provisions for general transfer of functions of Commissioner for Financial Advisers to FMA
  • On and from the date on which this Act comes into force, (except as specified in section 14),—

    • (a) all information and documents held by the Commissioner for Financial Advisers are held by the FMA (and this transfer does not constitute an action that is an interference with the privacy of an individual under section 66 of the Privacy Act 1993); and

    • (b) anything done or omitted to be done or that is to be done by, or in relation to, the Commissioner for Financial Advisers must be treated as having been done or omitted or to be done by, or in relation to, the FMA; and

    • (c) the FMA may complete any matter or thing that would, but for this Act, have been completed by the Commissioner for Financial Advisers; and

    • (d) any reference in an enactment (other than this Act), proceedings, or other thing (whether express or implied) to the Commissioner for Financial Advisers must be read as a reference to the FMA (unless the context otherwise requires).

14  Functions of Commissioner for Financial Advisers as chair of disciplinary committee continue to reside with chair
  • (1) Section 13 does not apply to any information or documents held by, any act or omission by, any matter or thing uncompleted by, or any reference to the Commissioner for Financial Advisers in his or her capacity as chairperson of the disciplinary committee.

    (2) The matters referred to in subsection (1) continue to reside with the chairperson of the disciplinary committee for the time being.


Schedule
Amendments to replace references to Commissioner for Financial Advisers

s 12


Legislative history

5 April 2011Divided from Financial Markets (Regulators and KiwiSaver) Bill (Bill 211–2) by committee of the whole House as Bill 211–3E
7 April 2011Third reading
18 April 2011Royal assent

This Act is administered by the Ministry of Economic Development.