Financial Service Providers (Registration) Amendment Regulations 2012

2012/123

Coat of Arms of New Zealand

Financial Service Providers (Registration) Amendment Regulations 2012

Rt Hon Dame Sian Elias, Administrator of the Government

Order in Council

At Wellington this 5th day of June 2012  

Present:
Her Excellency the Administrator of the Government in Council

Pursuant to section 44 of the Financial Service Providers (Registration and Dispute Resolution) Act 2008, Her Excellency the Administrator of the Government, acting on the advice and with the consent of the Executive Council and on the recommendation of the Minister of Commerce, makes the following regulations.

Regulations

1 Title
  • These regulations are the Financial Service Providers (Registration) Amendment Regulations 2012.

2 Commencement
  • These regulations come into force on 1 August 2012.

3 Principal regulations
4 Regulation 3 replaced (Interpretation)
  • Replace regulation 3 with:

    3 Interpretation
    • In these regulations,—

      Act means the Financial Service Providers (Registration and Dispute Resolution) Act 2008

      FMA levies table means the levies table in the Schedule of the Financial Markets Authority (Levies) Regulations 2012

      total managed assets has the meaning given in regulation 7 of the Financial Markets Authority (Levies) Regulations 2012.

5 Schedule 3 amended
  • In Schedule 3, after clause 11, insert the clauses 12 to 15 set out in the Schedule of these regulations.


Schedule
Clauses inserted in Schedule 3

r 5

12
  • The class or classes of specified persons (as described in column 2 of the FMA levies table) that include the registered financial service provider.

13
  • The information (if any) required to determine the amount of levy payable by a person in a class described in clause 12 (see column 5 of the FMA levies table).

14
  • If the registered financial service provider is included in class 5 (as described in column 2 of the FMA levies table), the total managed assets of the registered financial service provider.

15
  • If the registered financial service provider is a person to whom, and is in a class and a group to which, regulation 12 of the Financial Markets Authority (Levies) Regulations 2012 applies, the financial service registration number of whichever person in the class will pay the levy on behalf of the group.

Rebecca Kitteridge,
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 1 August 2012, amend the Financial Service Providers (Registration) Regulations 2010 (the principal regulations). The principal regulations are amended to require registered financial service providers to include in their annual confirmation under section 28 of the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (the FSP Act) information required for the application of the Financial Markets Authority (Levies) Regulations 2012.

The principal regulations are also amended to require registered financial service providers that are managers or superannuation trustees (as defined in section 2(1) of the Securities Act 1978) in respect of securities offered to the public to report their total managed assets.


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

Date of notification in Gazette: 7 June 2012.

These regulations are administered by the Ministry of Economic Development.