New Zealand Legislation: Bills

20B Responsible financial service provider

• (1) The Governor-General may, by Order in Council made on the recommendation of the Minister, declare (with or without conditions) that an entity is a responsible financial service provider.

  (2) The Minister may make a recommendation under subsection (1) only if—

  • (a) the entity has applied to the Minister to be declared a responsible financial service provider; and

  • (b) the entity has affiliated entities who each would qualify to be registered as a financial service provider under section 12; and

  • (c) the entity undertakes to be responsible for the financial services provided by any of the affiliated entities; and

  • (d) the Minister is satisfied that declaring the entity to be a responsible financial service provider would be in the public interest.

  (3) The Order in Council must identify the affiliated entities of the responsible financial service provider.