Financial Services Legislation Amendment Act Commencement Order (No 2) 2019

2019/283

Coat of Arms of New Zealand

Financial Services Legislation Amendment Act Commencement Order (No 2) 2019

Patsy Reddy, Governor-General

Order in Council

At Wellington this 25th day of November 2019

Present:
The Hon Kelvin Davis presiding in Council

This order is made under section 2(2) of the Financial Services Legislation Amendment Act 2019 on the advice and with the consent of the Executive Council.

Order

1 Title

This order is the Financial Services Legislation Amendment Act Commencement Order (No 2) 2019.

2 Commencement of certain transitional provisions relating to Financial Services Legislation Amendment Act 2019

The following provisions of the Financial Services Legislation Amendment Act 2019 come into force on 26 November 2019:

(b)

Schedule 3 (except clause 3(1)´╗┐(b) and (c) of new Schedule 1AA).

Michael Webster,
Clerk of the Executive Council.

Explanatory note

This note is not part of the order, but is intended to indicate its general effect.

This order brings into force on 26 November 2019 transitional provisions in the Financial Services Legislation Amendment Act 2019.

The Financial Services Legislation Amendment Act 2019, among other things, introduces a new regime for financial advice services under the Financial Markets Conduct Act 2013. The new regime replaces the Financial Advisers Act 2008.

The main effect of the transitional provisions is to immediately allow persons to register for a financial advice service under the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (the 2008 Act). That is, applications may be made before the new regime for financial advice services comes into force on 29 June 2020. See clause 3(1)´╗┐(a) of new Schedule 1AA.

The transitional provisions in clauses 1 and 2 of new Schedule 1AA relate to changes in the descriptions of certain financial services under the 2008 Act and changes to the application of that Act. These changes to the 2008 Act come into force on 29 June 2020.

See the Financial Services Legislation Amendment Act Commencement Order 2019. That order brings into force the remaining provisions of the Financial Services Legislation Amendment Act 2019 on 29 June 2020.

Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 25 November 2019.

This order is administered by the Ministry of Business, Innovation, and Employment.