This note is not part of the regulations, but is intended to indicate their general effect.
These regulations, which come into force on 1 December 2014, amend the Financial Advisers (Definitions, Voluntary Authorisation, Prescribed Entities, and Exemptions) Regulations 2011 (the principal regulations).
Regulation 4 amends the definition of pure risk contract of insurance in the principal regulations so that the definition aligns with that in the Financial Markets Conduct Act 2013.
Regulation 5 makes a minor amendment to regulation 7B(3) of the principal regulations, in order to clarify that the rights and requirements of the definition of PIE call fund unit may be described in a specified unit’s terms of issue.
Regulation 6 replaces regulation 11 of the principal regulations to amend the exemption given to bodies corporate for providing relevant services to related bodies corporate or to limited partnerships if the body corporate and the general partner are related bodies corporate. The amendment broadens the exemption beyond related bodies corporate to apply to related entities, as defined in the Financial Markets Conduct Act 2013. The amendment also makes clear that the definition of related in that Act is to apply to the exemption.
Date of notification in Gazette: 4 November 2014.
These regulations are administered by the Ministry of Business, Innovation, and Employment.