New Zealand Legislation: Bills

14 Financial adviser must disclose certain criminal convictions, etc

• (1) A financial adviser must disclose whether, during the period of 5 years before the financial adviser service is performed, the financial adviser—

  • (a) has been the subject of an adverse finding by a court in any proceeding that has been taken against the financial adviser in the adviser’s professional capacity; or

  • (b) has been expelled from, or has been prohibited from being a member of, an approved professional body; or

  • (c) has been adjudicated bankrupt.

  (2) In the case of a financial adviser that is a non-individual entity, the financial adviser must—

  • (a) make disclosure under subsection (1) for each principal officer of the financial adviser; and

  • (b) disclose whether, during the period of 5 years before the financial adviser service is performed, the financial adviser has been placed in statutory management, voluntary administration, or receivership.

  Compare: 1988 No 234 s 41C