New Zealand Legislation: Bills
Bills are proposed Acts
(1) In this Act, unless the context otherwise requires,—
acquire includes—
(a) obtain by buying or subscribing; and
(b) agree to acquire
advertisement means a form of communication that—
(a) refers to a financial adviser or financial adviser service or is reasonably likely to induce persons to seek a financial adviser service; and
(b) is authorised or instigated by, or on behalf of, a financial adviser or prepared with the co-operation of, or by arrangement with, a financial adviser; and
(c) is to be, or has been, distributed to a person
advice has the meaning given to it in section 6
approved dispute resolution scheme means a dispute resolution scheme that is approved under the Financial Service Providers (Registration and Dispute Resolution) Act 2007
approved professional body has the meaning given to it in section 36
bank in New Zealand means a registered bank as defined in section 2 of the Reserve Bank of New Zealand Act 1989 that carries on in New Zealand the business of banking
business includes any profession, trade, or undertaking, whether or not carried on with the intention of making a pecuniary profit
chartered accountant has the meaning given to it in section 2 of the Institute of Chartered Accountants Act 1996
client means a member of the public for whom a financial adviser service is performed
Commission means the Securities Commission established under the Securities Act 1978
company means a company, or an overseas company, within the meaning of section 2(1) of the Companies Act 1993
Court means, in relation to any matter, the Court before which the matter is to be determined
director means a director as defined in section 126 of the Companies Act 1993
dispose of includes—
(a) dispose of by selling, allotting, withdrawing from, or terminating; and
(b) agree to dispose of
document means—
(a) any material, whether or not it is signed or otherwise authenticated, that bears symbols (including words and figures), images, or sounds from which symbols, images, or sounds can be derived, and includes—
(i) a label, marking, or other writing which identifies or describes a thing of which it forms part, or to which it is attached:
(ii) a book, map, plan, graph, or drawing:
(iii) a photograph, film, or negative; and
(b) information electronically recorded or stored, and information derived from that information
financial advice has the meaning given to it in section 6
financial adviser has the meaning given to it in section 7
financial adviser service means—
(a) the giving of financial advice in the course of business; or
(b) the receipt, handling, payment, or investment of money or other property in the course of business if that receipt, handling, payment, or investment is connected to, the result of, or performed in anticipation of, a financial decision; or
(c) both (a) and (b)
financial advisers’ conduct obligation means any of the obligations set out in sections 25 to 35
financial advisers’ disclosure obligation means any of the obligations set out in sections 13 to 24
financial advisers’ obligation means a financial advisers’ conduct obligation or a financial advisers’ disclosure obligation
financial decision has the meaning given to it in section 6(5)
financial product means any facility or instrument through which a financial decision is implemented
lawyer has the same meaning as in section 6 of the Lawyers and Conveyancers Act 2006 except that, before section 6 comes into force, lawyer means a barrister or solicitor as defined in section 2 of the Law Practitioners Act 1982
Minister means the Minister of the Crown who, under the authority of any warrant or with the authority of the Prime Minister, is for the time being responsible for the administration of this Act
Ministry means the department of State that, with the authority of the Prime Minister, is for the time being responsible for the administration of this Act
non-individual entity includes a company, an unincorporated body, a trust, and a partnership
person includes a non-individual entity
prescribed means prescribed by regulations made under this Act
principal officer, in relation to a non-individual entity, means a director or a person who occupies a position equivalent to that of a director (such as a trustee or a partner)
record includes—
(a) any file, register, ledger, book of account, or passbook, and any reproduction or copy of any of them or of any entry in any of them; and
(b) any apparatus or equipment in or on which information is recorded, stored, or embodied in any form so as to be capable of being retrieved, reproduced, or processed by any means; and
(c) any material by means of which information is supplied to, or derived from, any such apparatus or equipment
registered means registered under the Financial Services Providers (Registration and Dispute Resolution) Act 2007
reporting year means, in relation to an approved professional body, the reporting year nominated in its application for approval as an approved professional body
security—
(a) means—
(i) any interest in, or right to participate in, any capital, assets, earnings, royalties, or other properties of any person:
(ii) any interest in, or right to be paid, money that is, or is to be, deposited with, lent to, or otherwise owing by, any person (whether or not the interest or right is secured by a charge over any property):
(iii) any renewal or variation of the terms or conditions of any existing security; but
(b) excludes—
(i) a security exempted from Part 2 of the Securities Act 1978 under any of paragraphs (b) to (h) of section 5(1) of that Act; and
(ii) a call debt security as defined in regulations made under that Act; and
(iii) a bank term deposit as defined in regulations made under this Act
State services has the meaning given to it in section 2 of the State Sector Act 1988
State services employee means an employee or chief executive in any part of the State services, whether paid by salary, wages, or otherwise
trust account means, in relation to a financial adviser, any trust account at a bank in New Zealand that is a trust account in the name of that financial adviser
trust account records—
(a) means records relating to a trust account; and
(b) includes any information that relates to a trust account and that is recorded or stored by means of any tape recorder, computer, or other device, and any material subsequently derived from information so recorded or stored.
(2) For the purpose of deciding whether a person (A) performs a financial adviser service for a member of the public, unless the context otherwise requires, member of the public does not include—
(a) a relative or a close business associate of A or, if A is a non-individual entity, a relative or close business associate of a principal officer of A; or
(b) a person whose principal business is the investment of money or who, in the course of and for the purposes of that person’s business, habitually invests money; or
(c) a person for whom a financial adviser service is performed in relation to a sum of money that exceeds $500,000 or in relation to other property that is worth more than $500,000.
(3) Any term that is used in this Act and not defined, but that is defined under the Securities Act 1978 or the Securities Markets Act 1988, has the meaning given to it under whichever of those Acts applies and is appropriate.