Hon Simon Power
Government Bill
109—1
Explanatory note
1 Title
2 Commencement
Part 1Amendments to Financial Advisers Act 2008
3 Commencement of provisions of principal Act
4 Principal Act amended
5 Purpose
6 Interpretation
7 Types of financial adviser
8 When advice or transaction by certain persons is not performing financial adviser service
9 Meaning of financial advice clarified
10 New heading and sections 17 to 19 substituted
17 Individual who is QFE employee or nominated representative
Provisions relating to employers or principals of financial advisers
18 Employers or principals of financial advisers must be registered
19 Certain employees and nominated representatives exempted from joining approved dispute resolution scheme
11 Disclosure by qualifying financial entity
12 Restriction on use of term sharebroker
13 QFE must not engage in misleading or deceptive conduct in relation to financial adviser service by employee or agent
14 Application for QFE status
15 New section 68A inserted
68A Nominated representatives of QFEs
16 New section 75 substituted
75 Exemption from liability for employee or nominated representative of QFE
17 QFE's ongoing compliance obligations
18 QFE must provide annual report to Commission
19 Content of code
20 New section 94 substituted
94 Code comes into force by Gazette notice
21 New section 98 substituted
98 Reference of complaint to disciplinary committee
22 Offence of performing financial adviser service without being registered
23 Offence of performing financial adviser service without being authorised
24 New section 116 substituted
116 Offences in relation to employer or principal failing to maintain registration
25 Offence of misleading or deceptive conduct in relation to financial adviser service by employee or agent
26 Offence of misleading, etc, advertisement of financial adviser service by employee or agent
27 New heading inserted
Miscellaneous offences
28 General regulations
29 New sections 168 and 169 added
168 Grant of authorisations in transitional period without prior inquiry into convictions
169 Applications for QFE status made in transitional period
30 Enactments amended consequential on principal Act
Part 2Amendments to Financial Service Providers (Registration and Dispute Resolution) Act 2008
31 Commencement of provisions of principal Act
32 Principal Act amended
33 Purpose
34 Interpretation
35 Application of Act
36 Disqualified person
37 Registrar must amend register in certain circumstances
38 New section 46 substituted
46 Territorial scope
39 Schedule 2 amended
Schedule Enactments consequentially amended
The Parliament of New Zealand enacts as follows: