Securities Markets (Investment Advisers and Brokers) Amendment Regulations 2008

  • revoked
  • Securities Markets (Investment Advisers and Brokers) Amendment Regulations 2008: revoked, on 1 July 2011, pursuant to section 166 of the Financial Advisers Act 2008 (2008 No 91).

Reprint
as at 1 July 2011

Coat of Arms of New Zealand

Securities Markets (Investment Advisers and Brokers) Amendment Regulations 2008

(SR 2008/36)

Anand Satyanand, Governor-General

Order in Council

At Wellington this 25th day of February 2008  

Present:
His Excellency the Governor-General in Council

  • Securities Markets (Investment Advisers and Brokers) Amendment Regulations 2008: revoked, on 1 July 2011, pursuant to section 166 of the Financial Advisers Act 2008 (2008 No 91).


Note

Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.

A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.

These regulations are administered by the Ministry of Economic Development.


Pursuant to section 49C(1) of the Securities Markets Act 1988, His Excellency the Governor-General, acting on the advice and with the consent of the Executive Council and on the recommendation of the Minister of Commerce made after consultation with the Securities Commission, makes the following regulations.

Regulations

1 Title
  • These regulations are the Securities Markets (Investment Advisers and Brokers) Amendment Regulations 2008.

2 Commencement
  • These regulations come into force on 29 February 2008.

3 Principal regulations amended
4 Interpretation
  • The definition of term life insurance policy in regulation 3 is amended by omitting 2A and substituting 2A(a).

5 New regulation 11 substituted
  • Regulation 11 is revoked and the following regulation substituted:

    11 Exemption for advice in relation to term life insurance policy
    • (1) Subject to subclause (2), a person (A) who, on any occasion, gives investment advice in relation to a term life insurance policy is exempted from compliance with any investment advisers' disclosure obligation that would otherwise arise out of A giving that investment advice.

      (2) If A on the same occasion also gives investment advice in relation to a security that is not a term life insurance policy, nothing in subclause (1) exempts A from compliance with any investment advisers' obligation that arises out of A giving investment advice in relation to the security that is not a term life insurance policy.

Rebecca Kitteridge,
for Clerk of the Executive Council.


Explanatory note

This note is not part of the regulations, but is intended to indicate their general effect.

These regulations, which come into force on 29 February 2008, amend the Securities Market (Investment Advisers and Brokers) Regulations 2007. The first change is an amendment to the definition of term life insurance policy: the definition is borrowed from the Securities Regulations 1983, and the cross-reference to those regulations should be regulation 2A(a), not regulation 2A. The second change is to recast the exemption in regulation 11 for advice given in relation to term life insurance. The reworded regulation is intended to make plain that the exemption operates whether or not other investment advice is given on the same occasion. If other investment advice is also given, the exemption for investment advice in relation to term life insurance does not extend to that additional investment advice.


Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 28 February 2008.


Contents

  • 1General

  • 2Status of reprints

  • 3How reprints are prepared

  • 4Changes made under section 17C of the Acts and Regulations Publication Act 1989

  • 5List of amendments incorporated in this reprint (most recent first)


Notes
1 General
  • This is a reprint of the Securities Markets (Investment Advisers and Brokers) Amendment Regulations 2008. The reprint incorporates all the amendments to the regulations as at 1 July 2011, as specified in the list of amendments at the end of these notes.

    Relevant provisions of any amending enactments that contain transitional, savings, or application provisions that cannot be compiled in the reprint are also included, after the principal enactment, in chronological order. For more information, see http://www.pco.parliament.govt.nz/reprints/ .

2 Status of reprints
  • Under section 16D of the Acts and Regulations Publication Act 1989, reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by the amendments to that enactment. This presumption applies even though editorial changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in the reprint.

    This presumption may be rebutted by producing the official volumes of statutes or statutory regulations in which the principal enactment and its amendments are contained.

3 How reprints are prepared
  • A number of editorial conventions are followed in the preparation of reprints. For example, the enacting words are not included in Acts, and provisions that are repealed or revoked are omitted. For a detailed list of the editorial conventions, see http://www.pco.parliament.govt.nz/editorial-conventions/ or Part 8 of the Tables of New Zealand Acts and Ordinances and Statutory Regulations and Deemed Regulations in Force.

4 Changes made under section 17C of the Acts and Regulations Publication Act 1989
  • Section 17C of the Acts and Regulations Publication Act 1989 authorises the making of editorial changes in a reprint as set out in sections 17D and 17E of that Act so that, to the extent permitted, the format and style of the reprinted enactment is consistent with current legislative drafting practice. Changes that would alter the effect of the legislation are not permitted.

    A new format of legislation was introduced on 1 January 2000. Changes to legislative drafting style have also been made since 1997, and are ongoing. To the extent permitted by section 17C of the Acts and Regulations Publication Act 1989, all legislation reprinted after 1 January 2000 is in the new format for legislation and reflects current drafting practice at the time of the reprint.

    In outline, the editorial changes made in reprints under the authority of section 17C of the Acts and Regulations Publication Act 1989 are set out below, and they have been applied, where relevant, in the preparation of this reprint:

    • omission of unnecessary referential words (such as of this section and of this Act)

    • typeface and type size (Times Roman, generally in 11.5 point)

    • layout of provisions, including:

      • indentation

      • position of section headings (eg, the number and heading now appear above the section)

    • format of definitions (eg, the defined term now appears in bold type, without quotation marks)

    • format of dates (eg, a date formerly expressed as the 1st day of January 1999 is now expressed as 1 January 1999)

    • position of the date of assent (it now appears on the front page of each Act)

    • punctuation (eg, colons are not used after definitions)

    • Parts numbered with roman numerals are replaced with arabic numerals, and all cross-references are changed accordingly

    • case and appearance of letters and words, including:

      • format of headings (eg, headings where each word formerly appeared with an initial capital letter followed by small capital letters are amended so that the heading appears in bold, with only the first word (and any proper nouns) appearing with an initial capital letter)

      • small capital letters in section and subsection references are now capital letters

    • schedules are renumbered (eg, Schedule 1 replaces First Schedule), and all cross-references are changed accordingly

    • running heads (the information that appears at the top of each page)

    • format of two-column schedules of consequential amendments, and schedules of repeals (eg, they are rearranged into alphabetical order, rather than chronological).

5 List of amendments incorporated in this reprint (most recent first)