Financial Service Providers (Registration and Dispute Resolution) Act 2008

If you need more information about this Act, please contact the administering agency: Ministry of Business, Innovation, and Employment
5 Meaning of financial service

(1)

In this Act, financial service means any of the following financial services:

(a)

a financial advice service:

(ab)

a regulated client money or property service (including a custodial service):

(b)

being a licensed NBDT, as defined in the Non-bank Deposit Takers Act 2013:

(c)

being a registered bank:

(d)

keeping, investing, administering, or managing money, securities, or investment portfolios on behalf of other persons:

(e)

being a creditor under a credit contract:

(ea)

being a mobile trader:

(f)

operating a money or value transfer service:

(g)

issuing or managing the means of payment (for example, credit or debit cards, cheques, travellers’ cheques, money orders, bankers’ drafts, or electronic money):

(h)

giving financial guarantees:

(i)

acting as an offeror of financial products offered under an FMC offer:

(ia)

acting in any of the following capacities in respect of regulated products or financial products offered under an FMC offer:

(i)

as an issuer:

(ii)

as a supervisor:

(iii)

as an investment manager:

(ib)

any of the following market services if the service is, or is required to be, provided under a market services licence (whether as a licence holder or as an authorised body):

(i)

acting as a manager of a registered scheme (other than a restricted scheme):

(ii)

acting as an independent trustee of a restricted scheme:

(iii)

acting as a provider of a discretionary investment management service:

(iv)

acting as a derivatives issuer:

(v)

acting as a provider of prescribed intermediary services:

(vi)

acting as an administrator of a financial benchmark:

(ic)

acting as a custodian in respect of a registered scheme or a discretionary investment management service provided by a DIMS licensee:

(id)

operating a financial product market:

(j)

changing foreign currency:

(k)

trading financial products or foreign exchange on behalf of other persons:

(l)

providing forward foreign exchange contracts:

(m)

acting as an insurer:

(ma)

providing a prescribed service—

(i)

that is the same, or substantially the same, as a service referred to in paragraph (ib); but

(ii)

in respect of which the provider is not required to provide the service under a market services licence because of an exemption under section 389(3)(b) of the Financial Markets Conduct Act 2013 or an exemption granted or issued by a licensing authority or because the service is a wholesale service or provided only to wholesale clients or wholesale investors (as defined in any licensing enactment):

(n)

providing any other financial service that is prescribed for the purposes of New Zealand complying with the FATF Recommendations, other recommendations by FATF, or other similar international obligations that are consistent with the purpose of this Act.

(2)

Any term or expression that is defined in the Financial Markets Conduct Act 2013 and used in this section, but not defined in this Act, has the same meaning as in the Financial Markets Conduct Act 2013.

(3)

In this section, FMC offer means any of the following kinds of offers:

(a)

a regulated offer within the meaning of section 41 of the Financial Markets Conduct Act 2013:

(b)

an offer of financial products referred to in clause 19 or 21 of Schedule 1 of that Act.

Section 5(1)(a): replaced, on 15 March 2021, by section 63(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 5(1)(ab): replaced, on 15 March 2021, by section 63(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 5(1)(b): replaced, on 1 May 2015, by section 91(2) of the Non-bank Deposit Takers Act 2013 (2013 No 104).

Section 5(1)(e): amended, on 6 June 2015, by section 7 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 5(1)(ea): inserted, on 1 October 2021, by section 61 of the Credit Contracts Legislation Amendment Act 2019 (2019 No 81).

Section 5(1)(g): replaced, on 15 March 2021, by section 63(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 5(1)(i): replaced, on 15 March 2021, by section 63(3) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 5(1)(ia): replaced, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 5(1)(ib): replaced, on 15 March 2021, by section 63(4) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 5(1)(ic): inserted, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 5(1)(id): inserted, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 5(1)(k): replaced, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 5(1)(m): replaced, on 1 July 2010, by section 8(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 5(1)(ma): inserted, on 15 March 2021, by section 63(5) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 5(2): replaced, on 15 March 2021, by section 63(6) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 5(3): inserted, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).