New Zealand Legislation: Bills

7 Meaning of financial adviser

• In this Act, financial adviser—

  • (a) means a person who—

    • (i) is a member of an approved professional body and is registered; and

    • (ii) performs a financial adviser service in the course of the business of that person or of another person; and

  • (b) includes a person who is deemed under section 11 to perform a financial adviser service; but

  • (c) does not include a person who only transmits financial advice given by the issuer or a promoter or a trustee (within the meaning of the Securities Act 1978 or the Unit Trusts Act 1960) or a statutory supervisor (within the meaning of the Securities Act 1978) of the particular securities to which the financial adviser service relates; and

  • (d) does not include—

    • (i) the offeror or target company in a takeover offer made under the Takeovers Code in force under the Takeovers Act 1993; or

    • (ii) an independent adviser in the exercise of that person’s functions under that code.