New Zealand Legislation: Bills
Bills are proposed Acts
(1) This Act applies to people who are in the business of providing a financial service or a financial adviser service.
(2) This Act does not apply to any of The following people are not financial service providers to whom this Act applies:
(a) a lawyer in the course of that person’s professional practice as a lawyer if the financial service is a necessary incident of legal practice:
(b) a chartered accountant in the course of that person’s professional practice as a chartered accountant if the financial service is a necessary incident of professional accounting practice:
(ba) a tax agent in the course of that person's professional practice as a tax agent if the financial service is a necessary incident of tax practice:
(bb) a real estate agent in the course of that person's professional practice as a real estate agent if the financial service is a necessary incident of real estate practice:
(c) a prescribed Crown agency:
(c) the government departments listed in Schedule 1 of the State Sector Act 1988:
(ca) the Reserve Bank (and any subsidiaries):
(cb) the statutory entities listed in Schedule 1 of the Crown Entities Act 2004:
(cc) any person engaged in terminating the business of a financial service provider after that provider has been deregistered:
(cd) a non-profit organisation providing free financial services:
(ce) an affiliated entity (except to the extent that the entity may be required to be registered under the Financial Advisers Act 2007):
(d) an employee, controlling owner, or director of a person listed in paragraph (a), (b), or (c), (ca), (cb), (cc), (cd), or (ce) (while acting as an employee, controlling owner, or director):
(e) an employee, controlling owner, or director of a registered financial service provider (while acting as an employee, controlling owner, or director).
(3) This Act does not apply with respect to financial services provided between related companies.
