Financial Advisers Act 2008

14 Other exemptions

(1)

None of the following is a financial adviser service for the purposes of this Act:

Other occupations

(a)

a teacher, lecturer, journalist, or State services employee providing a relevant service in the course of that occupation:

(b)

a Minister of the Crown providing a relevant service in the course of his or her duties as a Minister of the Crown:

(c)

a member of Parliament providing a relevant service in the course of his or her duties as a member of Parliament:

(d)

a lawyer, incorporated law firm, conveyancing practitioner, qualified statutory accountant, tax agent, real estate agent, registered legal executive, registered valuer, or any other exempted class of service provider (as specified in the regulations) providing a relevant service in the ordinary course of business of that kind:

Crown-related organisations and other statutory officers and organisations

(e)

a statutory officer, a Crown organisation (other than Public Trust), or the Reserve Bank of New Zealand—

(i)

discharging any duties or exercising any powers of the statutory officer, the Crown organisation, or the Reserve Bank of New Zealand under any enactment; or

(ii)

doing anything that is incidental to the discharge of the functions of the statutory officer, the Crown organisation, or the Reserve Bank of New Zealand under any enactment:

Non-profit organisations, workplace financial products, and trustee corporations

(f)

a non-profit organisation providing a relevant service if the relevant service is provided, without charge, in the course of the organisation’s activities:

(g)

an employer providing a relevant service to an employee in connection with a financial product made available through the employee’s workplace:

(h)

a trustee corporation providing a relevant service in the ordinary course of providing—

(i)

legal or financial services relating to the preparation or drafting of a will; and

(ii)

estate management and administration services (and associated legal, financial, and other services carried out under the relevant enactment governing the trustee corporation):

Activities governed by other regulatory frameworks

(i)

a principal officer of any entity providing a relevant service in the person’s capacity as a principal officer:

(j)

the offeror or target company providing a relevant service in the course of a takeover offer under the Takeovers Code:

(k)

an independent adviser providing a relevant service in the course of that person’s functions under the Takeovers Code:

(ka)

a person providing a relevant service that is—

(i)

covered by a market services licence for discretionary investment management services under the Financial Markets Conduct Act 2013; or

(ii)

exempted, by section 389 (other than by section 389(2)(b)) of that Act or otherwise by or under that Act, from the licensing requirement under section 388(c) of that Act:

(l)

an approved rating agency providing a relevant service in connection with a rating given or to be given by it:

(m)

any form of communication made by or on behalf of an issuer or offeror to a person that is contained in, or given in connection with, an offer of FMCA financial products to that person that does not require disclosure under Part 3 of the Financial Markets Conduct Act 2013 because of any 1 or more of clauses 3 to 5 of Schedule 1 of that Act:

(n)
[Repealed]

Documents required by law

(o)

providing or making available to a person any of the following documents or information:

(i)

a product disclosure statement, a disclosure document under clause 26 of Schedule 1 of the Financial Markets Conduct Act 2013, information from a register entry (within the meaning of that Act), information under subpart 4 of Part 3 of that Act, or an advertisement referred to in section 89 of that Act:

(ii)

a document or information that is required by law to be provided or made available (for example, an annual report of a company), whether directly or as a condition of carrying out any activity or as a condition of an exemption from any enactment:

(iii)

any other exempted document or information (as specified in the regulations):

Services provided to product provider

(p)

a person providing a relevant service to a product provider in connection with a financial product of that provider in the course of an appointment by, or under a contract for services with, the product provider:

Other exemptions in regulations

(q)

any other person providing a relevant service in circumstances exempted under the regulations.

(2)

If subsection (1) applies to a person (A), it applies equally to any controlling owner, director, employee, agent, or other person acting in the course of, and for the purposes of, A’s business to the same extent as it applies to A.

(2A)

However, subsections (1)(ka) and (2) do not limit the application of the terms and conditions of authorisation or the code to an authorised financial adviser (see sections 55(2) and 86(6)).

(3)

In this section, relevant service means a service that, but for subsection (1), would be a financial adviser service.

Section 14: substituted, on 1 July 2010, by section 10 of the Financial Advisers Amendment Act 2010 (2010 No 40).

Section 14(1)(d): amended, on 1 July 2015, by section 17 of the Financial Reporting Amendment Act 2014 (2014 No 64).

Section 14(1)(ka): inserted, on 1 December 2014, by section 18(1) of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 14(1)(m): replaced, on 1 December 2014, by section 18(2) of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 14(1)(n): repealed, on 1 December 2014, by section 18(2) of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 14(1)(o)(i): replaced, on 1 December 2014, by section 18(3) of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 14(2A): inserted, on 1 December 2014, by section 18(4) of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).