New Zealand Legislation: Bills

12 Financial adviser’s disclosure obligation

• (1) A financial adviser must not perform a financial adviser service for a member of the public unless the adviser has first made disclosure to that person in accordance with—

  • (a) sections 13 to 24; and

  • (b) any further requirements specified by regulations made under section 130(1)(b).

  (2) A person who contravenes subsection (1) commits an offence (see section 109).

  (3) The requirement in subsection (1) that disclosure must be made before the financial adviser service is performed does not apply to the extent that—

  • (a) disclosure subsequent to performance of a financial adviser service is permitted by regulations made under section 130(1)(c); and

  • (b) the disclosure is made in accordance with those regulations.

  Compare: 1988 No 234 s 41A