Financial Advisers (Broker Trust Accounts) Exemption Revocation Notice 2011

2011/86

Coat of Arms of New Zealand

Financial Advisers (Broker Trust Accounts) Exemption Revocation Notice 2011

Pursuant to section 148A of the Financial Advisers Act 2008, the Securities Commission gives the following notice (to which is appended a statement of reasons of the Securities Commission).

Notice

1  Title
  • This notice is the Financial Advisers (Broker Trust Accounts) Exemption Revocation Notice 2011.

2  Commencement
  • This notice comes into force on the day after the date of its notification in the Gazette.

3  Revocation

Dated at Wellington this 29th day of March 2011.

The Common Seal of the Securities Commission was affixed in the presence of:

[Seal]

J Diplock,
Chairperson.


Statement of reasons

This notice, which comes into force on the day after the date of its notification in the Gazette, revokes the Financial Advisers (Broker Trust Accounts) Exemption Notice 2010.

The Securities Commission considers that it is appropriate to revoke the exemption because it was initially granted as an interim measure to provide assistance for brokers pending the making of regulations under section 154 of the Financial Advisers Act 2008. These regulations have now been made (the Financial Advisers (Definitions, Voluntary Authorisation, Prescribed Entities, and Exemptions) Regulations 2011), and so the Commission considers that its exemption has served its purpose and can be revoked, with the revocation to come into effect on the day of the commencement of the new regulations (1 April 2011).


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

Date of notification in Gazette: 31 March 2011.

This notice is administered by the Securities Commission.