Financial Advisers Bill

  • enacted

Hon Lianne Dalziel

Financial Advisers Bill

Government Bill

192—2

As reported from the Finance and Expenditure Committee

Contents

Disclosure by financial advisers

Financial advisers’ conduct obligations

Approval of approved professional body

Members of approved professional body

Exercise of Minister’s powers

Rules of approved professional body

Change of rules

Role of Commission

Protection of approved professional body

Prohibition and corrective orders

Disclosure order

Temporary financial adviser banning orders

Process for Commission’s orders

General provisions

Injunctions

Corrective order

Disclosure order

Overview of civil remedies

Pecuniary penalty order and declaration of contravention

Compensatory orders

Civil remedy order for contravention of financial advisers’ obligation

Inter-relationship of civil remedies

General

Financial adviser bans

Orders to preserve assets to satisfy claims

Restriction on performing financial adviser service

Disclosure obligations

Conduct obligations

Conduct obligations that apply to all financial advisers

Conduct obligations that apply to authorised financial advisers only

Conduct obligations that apply to QFEs only

Commission’s powers in relation to default by authorised financial adviser

Commission’s powers in relation to default by QFE

Liability of employee or agent

QFE’s obligations

Commissioner for Financial Advisers

Code committee

Code of professional conduct for authorised financial advisers

Changes to code

Who deals with complaints

Complaint about authorised financial adviser

Disciplinary committee

Offences: registration and authorisation

Disclosure offences: financial advisers and QFEs

Conduct offences: financial advisers

Offences: authorised financial advisers only

Offences: QFEs only

Miscellaneous offences

Appeal of decisions

Securities Commission: general powers

Exemptions

Information sharing

Fees and levies

Regulations

Other matters

Other legislation affected

Transitional provisions

Legislative history


The Parliament of New Zealand enacts as follows: