New Zealand Legislation: Bills

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

• (1) A person to whom this Act applies must not hold out (whether directly or indirectly) in the course of business that the person is registered under this Act or, entitled, qualified, able, or willing to be in the business of providing a financial serviceprovide a financial service unless that person is registered under this Part.

  (2) Every person who knowingly breaches subsection (1) commits an offence and is liable on summary conviction,—

  • (a) in the case of an individual, to imprisonment for a term not exceeding 12 months or to a fine not exceeding $100,000, or to both; or

  • (b) in the case of a body corporateperson who is not an individual, to a fine not exceeding $300,000.