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New Zealand Legislation: Bills

Bills are proposed Acts

Hon Lianne Dalziel

Financial Service Providers (Registration and Dispute Resolution) Bill

Government Bill

190—1

Contents

Explanatory note

Part 1
Preliminary provisions

4 Interpretation

5 Meaning of financial service

6 Application of Act

7 Act binds the Crown

Part 2
Registration

8 Purpose of this Part

9 Registration and deregistration

Subpart 1—No providing financial service or licensed service or holding out that entitled to provide financial service unless registered

10 No providing financial service or licensed service in course of business unless registered

11 No holding out in course of business that entitled to provide financial service unless registered

Subpart 2—Registration of financial service provider

12 Qualifications for registration as financial service provider

13 Disqualified person

Application for registration as financial service provider

14 Application to be registered as financial service provider

15 Registration of financial service provider

Changes relating to financial service provider

16 Duty to notify changes relating to financial service provider

Deregistration of financial service provider

17 Deregistration of financial service provider

18 Notice of intention to deregister

19 Objection to proposed deregistration of financial service provider

20 Notification of deregistration of financial service provider

Subpart 3—Registration of provider of financial adviser service

21 Registration of provider of financial adviser service

22 Deregistration of provider of financial adviser service

Subpart 4—Register of financial service providers and financial advisers

Register established

23 Register of financial service providers and financial advisers

24 Operation of and access to register

25 Purposes of register

26 Contents of register

27 Annual confirmation

28 Registrar must amend register in certain circumstances

29 Registrar may refuse to accept document

Searches of register

30 Searches of register

31 Search purposes

32 When search breaches information privacy principle

Information sharing

33 Sharing information with other agencies

Registrar of Financial Service Providers and Financial Advisers

34 Appointment of Registrar

35 Power of Registrar to delegate

Subpart 5—Registrar’s inspection powers

36 Registrar’s inspection powers

37 Disclosure of information and reports

38 Exercise of powers under section 36 not affected by appeal

Subpart 6—Miscellaneous

39 Offence also committed by director

40 Offence to make false or misleading representation

41 Appeals from Registrar’s decisions

42 Regulations under Part 1 and this Part

Part 3
Dispute resolution

43 Purpose of this Part

Subpart 1—Financial service provider must be member of approved dispute resolution scheme

44 Financial service provider must be member of approved dispute resolution scheme

Subpart 2—Approval of dispute resolution schemes

45 Meaning of approved dispute resolution scheme and meaning of member of approved dispute resolution scheme

Approval of dispute resolution schemes

46 Application for approval

47 Mandatory considerations for approval

48 Minister must decide application for approval

49 Notification and publication of decision

50 Reapplication by unsuccessful applicant

Withdrawal of approval

51 Withdrawal of approval

52 Notice of intention to withdraw approval

53 Objection to intended withdrawal of approval

54 Approval is withdrawn from date person responsible for scheme is notified

55 Notification and publication of withdrawal of approval

56 Effect of withdrawal of approval on members of dispute resolution scheme

List of members of approved dispute resolution scheme

57 List of members

Rules about approved dispute resolution scheme

58 Rules about approved dispute resolution scheme

59 Obligation to publish rules

60 Duty to notify change to rules

61 Change to rules may lead to withdrawal of approval

Annual reports and information requests by Minister

62 Annual report

63 Person responsible for approved dispute resolution scheme must supply further information on Minister’s request

64 Annual report and information requested by Minister to be publicly available

Subpart 3—Reserve scheme

65 Reserve scheme

Appointment of reserve scheme

66 Appointment of reserve scheme

67 Revocation of appointment as reserve scheme

68 Notice of intention to recommend revocation of appointment as reserve scheme

69 Objection to intended recommendation for revocation

Levy to fund reserve scheme

70 Levy to fund reserve scheme

Subpart 4—Miscellaneous

72 Decision maker to file report

73 Powers of District Court Judge on appeal

74 Regulations under this Part

75 Consequential amendments

Schedule
Consequential amendments to other enactments

The Parliament of New Zealand enacts as follows: