New Zealand Legislation: Bills
Bills are proposed Acts
(1) Each of the following persons must notify the Registrar about the following relevant changes relating to a financial service provider:
(a) a financial service provider, if the provider knows that the provider is no longer qualified for registration in accordance with section 12:
(b) the licensing authority in relation to a provider who is no longer licensed:
(c) the person responsible for an approved dispute resolution scheme or the reserve scheme of which a financial service provider was a member, if the person knows that the provider is no longer a member of that scheme.
(2) The time within which a person must notify the Registrar under subsection (1) is 10 working days from the date the person comes to know about the change.
(3) A financial service provider who breaches subsection (1)(a) commits an offence and is liable on summary conviction to a fine not exceeding $10,000.
(4) A person who breaches subsection (1)(c) commits an offence and is liable on summary conviction to a fine not exceeding $10,000.
