New Zealand Legislation: Supplementary Order Papers

Explanatory note

This Supplementary Order Paper proposes a number of changes to the Financial Advisers Bill. The changes are mostly in the nature of minor or technical refinements. A handful are more substantive, but even then they are of relatively minor import. This last category includes the following:

• excluding registered valuers, on the basis that they are already subject to equivalent regulation (new clause 12(ga)):

• extending to an employee of a QFE the ability to give financial advice in relation to a category 1 product or make an investment transaction in relation to a category 1 product, provided in each case that the QFE is itself the issuer of the product (new clause 17(2)):

• exempting a QFE employee from being required to be a member of an approved dispute resolution scheme under the Financial Service Providers (Registration and Dispute Resolution) Bill (new clause 18A):

• restricting the use of the term sharebroker (new clause 34A and, for the criminal penalty for breach, new clause 114A):

• empowering the Securities Commission to give directions to financial advisers in respect of a suspected breach of a disclosure or conduct obligation (new clause 46A and, for the criminal penalty for failing to comply with a direction, new clause 128A):

• importing certain provisions of the Crown Entities Act 2004 in relation to the code and disciplinary committees (new clauses 81A and 108A).