New Zealand Legislation: Bills

17 Deregistration of financial service provider

• (1) The Registrar must deregister a financial service provider after a notice period in accordance with sections 18 and 19, if the Registrar is satisfied that the provider is no longer—

  • (a) is no longer qualified to be registered in accordance with section 12; or

  • (b) is no longer in the business of providing or offering to provide a financial service; or

  • (c) has been registered because of a false or misleading representation or omission; or

  • (d) has proffered an application fee or annual confirmation fee that has subsequently been dishonoured, declined, or reversed.

  (2) The Registrar must deregister a financial service provider if the provider so requests in writing, with effect from the any future date requested by the provider. The Registrar must notify any relevant licensing authority of this deregistration.

  (3) For the purposes of this section and sections 18 and 19, notice period means 20 working days from the date of the Registrar’s notification under section 18.