be registered for that service under this Part; and

if required by section 48, be a member of an approved dispute resolution scheme.

in the case of an individual, to imprisonment for a term not exceeding 12 months or to a fine not exceeding $100,000, or to both; or

in the case of a person who is not an individual, to a fine not exceeding $300,000.

hold out that the person is registered under this Act unless that person—

hold out that the person is registered under this Act in respect of a particular service unless that person—

hold out that the person is entitled, qualified, able, or willing to be in the business of providing a financial service to persons in New Zealand unless that person—

in the case of an individual, to imprisonment for a term not exceeding 12 months or to a fine not exceeding $100,000, or to both; or

in the case of a person who is not an individual, to a fine not exceeding $300,000.

a person (A) is registered for a financial service referred to in section 5(1)(a) to (c), (e), (ia)(ii) or (iii), (ib) to (id), (l), (m), or (ma); and

A also provides a financial service referred to in section 5(1)(d), (f), (g), (h), (i), (ia)(i), (j), or (k), but only in the ordinary course of providing the service for which A is registered as referred to in paragraph (a); and

regulations provide for this section to apply in the circumstances in which A provides the service; and

A complies with the terms and conditions (if any) prescribed for the purposes of this section.

is not required to be registered for the financial service referred to in subsection (1)(b); and

is not prevented from holding out that A is entitled, qualified, able, or willing to be in the business of providing that financial service.

the person is not disqualified under section 14; and

if a licensing enactment requires the person to be a licensed provider, the person is, or will be (on and from commencing to be in the relevant business), a licensed provider.

in the case of an individual, the individual is disqualified under subsection (2); or

in the case of a person who is not an individual, the person has a controlling owner, director, or senior manager who is disqualified under subsection (2).

an undischarged bankrupt, or a person who has a substantially similar status in a country, State, or territory outside New Zealand:

a person prohibited from being a director or promoter of, or concerned in the management of, an incorporated or unincorporated body under the Companies Act 1993, the Financial Markets Conduct Act 2013, or the Takeovers Act 1993:

a person subject to a management banning order under the Financial Markets Conduct Act 2013, the Takeovers Act 1993, or subject to an order under section 108 of the Credit Contracts and Consumer Finance Act 2003:

a person who is prohibited from 1 or more of the following under an order made, or a notice given, under a law of a country, State, or territory outside New Zealand that is prescribed for the purposes of section 151(2)(eb) of the Companies Act 1993:

a person who has been convicted of an offence against section 11, 12, or 41 within the past 5 years:

a person who, within the past year, has been deregistered, or been a director or senior manager of an entity that has been deregistered, under section 18(1)(ca):

a person who has been convicted of a crime involving dishonesty as defined in section 2(1) of the Crimes Act 1961 within the past 5 years:

a person who has been convicted within the past 5 years, in a country, State, or territory outside New Zealand, of an offence that is substantially similar to an offence specified in paragraph (e):

a person who has been convicted of a money laundering offence or an offence relating to the financing of, or provision of material support for, terrorism, whether in New Zealand or elsewhere:

a person who is subject to a forfeiture order under the Criminal Proceeds (Recovery) Act 2009 or to a substantially similar order in a country, State, or territory outside New Zealand.

state the following (as relevant to the applicant):

if the applicant is applying to be registered under section 22C, state whether the applicant is engaged by a financial advice provider (B) to give regulated financial advice on B’s behalf and, if so, B’s name and business address; and

be in the form (if any) required by the Registrar; and

confirm that the applicant is not disqualified under section 14; and

contain, or be accompanied by, any other prescribed information or documents; and

be accompanied by the prescribed fee or levy (if any).

creating, or causing the creation of, a false or misleading appearance with respect to the extent to which A—

otherwise damaging the integrity or reputation of—

comply with subsection (4); and

if, having considered any submission received under subsection (4), the FMA remains of the view that the applicant should be prevented from being registered, direct the Registrar to reject the application in accordance with section 16(2); and

give its reasons for that direction.

give the applicant—

consider any submissions received in accordance with paragraph (a)(iii).

enter the following details on the register (as relevant to the provider):

notify the provider of the Registrar’s decision; and

require the provider to notify the Registrar, within 10 working days from receiving notification under paragraph (aa), of the name and business address of, and of the provider’s membership number in, the approved dispute resolution scheme of which the provider is a member (if the provider is required, by section 48, to be a member of a scheme); and

allocate a due date for the provider’s annual confirmation, notify the provider of that date, and notify that date on the register.

the person is in the business of providing a financial service to persons in New Zealand; or

any other matter referred to in section 7A applies in respect of the person.

a financial service provider, if—

the licensing authority, if the licensing authority knows that a financial service provider has ceased to be licensed:

the person responsible for an approved dispute resolution scheme of which a financial service provider was a member, if the person knows that the provider is no longer a member of that scheme, in which case the person responsible must also notify the Registrar of the following matters:

a financial advice provider, if the provider engages a financial adviser:

a financial advice provider that is recorded on the register as having engaged a financial adviser, if the financial adviser is no longer engaged by the provider.

is no longer qualified to be registered in accordance with section 13; or

has failed to notify the Registrar of the name, business address, and membership number, as required by section 16(1)(ab); or

is required by section 48 to be a member of an approved dispute resolution scheme but is not a member of any such scheme as required; or

at any time after the expiry of 3 months after registration, is not in the business of providing a financial service or is otherwise no longer required to be registered under section 11; or

has made a representation to the Registrar or the FMA that is false or misleading in any material particular in connection with obtaining or maintaining its registration under this Act or any other matter relating to this Act (for example, false information about the extent to which the person is in the business of providing a financial service); or

has failed to comply with a duty provided for under regulations made under section 44(1)(bb) and (bc) or has otherwise failed to provide any material information that it is required to provide by or under this Act, and the Registrar is satisfied that the failure is serious after having regard to the matters set out in subsection (1AB); or

has proffered an application fee or annual confirmation fee or levy that has subsequently been dishonoured, declined, or reversed.

must have regard to—

may have regard to any other matters that the Registrar thinks relevant.

the FMA gives a direction under section 18B(3)(c)(i); or

the FMA gives a direction under section 469(2)(a) or (b) of the Financial Markets Conduct Act 2013; or

the disciplinary committee gives a direction under clause 46(3)(a) or (b) of Schedule 5 of the Financial Markets Conduct Act 2013.

creating, or causing the creation of, a false or misleading appearance with respect to the extent to which A—

otherwise damaging the integrity or reputation of—

may, but is not required to, consider a referral under section 18(1A); and

may otherwise consider giving a direction under this section at its own discretion (if a referral has not been made).

give the financial service provider—

consider any submissions received in accordance with paragraph (a)(iii); and

either,—

give its reasons for the direction or advice, as the case may be.

that the Registrar intends to deregister the provider under section 18(1) (stating whichever paragraph applies); and

the reasons why the Registrar considers the relevant paragraph in section 18(1) applies; and

that there is a notice period before deregistration occurs during which the provider may object, under section 20, to the deregistration.

the financial service provider, stating the provider’s right of appeal to the High Court against the deregistration under section 42; and

any relevant licensing authority; and

the public, by a notice that is publicly available on an Internet site (at all reasonable times) for not less than 20 working days.

on the grounds set out in section 18(1)(b) if the Registrar is satisfied that, at the time of deregistration, the financial service provider was in the business of providing a financial service and was required to be registered under section 11; or

on the grounds set out in section 18(1)(d) if the Registrar is satisfied that the application fee or annual confirmation fee or levy has been paid.

the financial service provider; and

any relevant licensing authority; and

the public, by a notice that is publicly available on an Internet site (at all reasonable times) for not less than 20 working days.

for the period specified in the direction; or

until A meets the conditions specified in the direction (but, in any case, not for a period of more than 12 months).

A may not be deregistered in respect of the financial advice service under section 18(1)(b) on the basis that A is no longer required to be registered under section 11; and

section 18(1)(b) applies to A in respect of that service only if—

A is engaged by a financial advice provider to give regulated financial advice on the provider’s behalf; and

C is a client of that provider; and

A gives financial advice to C.

an individual (A) is registered under section 22C; but

for a continuous period of at least 3 months (or a longer period that applies under subsection (4)), A has not been engaged by any financial advice provider to give regulated financial advice to retail clients on the provider’s behalf.

that, in 1 or more types of circumstances specified in the regulations, a period longer than 3 months applies under subsection (1)(b) (instead of the 3-month period):

that the period that applies in particular circumstances is a period specified in the regulations or is a period determined on a case-by-case basis by the Registrar:

for how the Registrar determines the period that applies.

if the Registrar considers that it is not practical to provide access to the register; or

for any other reason that is prescribed by regulations made under this Act.

to enable the public and any person referred to in paragraph (b) to—

to enable the public to otherwise access information to assist members of the public to make decisions relating to the provision of financial services; and

to assist any person in the exercise of the person’s powers or the performance of the person’s functions or duties under this Act or any other enactment; and

to conform with New Zealand’s obligations under the FATF Recommendations.

the registered financial service provider’s name and business address:

the name and business address of the approved dispute resolution scheme of which the registered financial service provider is a member:

the type or types of financial service for which the registered financial service provider is registered:

in relation to a licensed provider,—

if the provider (A) is registered under section 22C, a statement as to whether A is engaged by a financial advice provider (B) to give regulated financial advice on B’s behalf and, if so, B’s name and business address:

in relation to a person that is certified under Part 5A of the Credit Contracts and Consumer Finance Act 2003,—

any other information prescribed in regulations.

a request for information has been made by the Registrar under this Act in relation to that person; or

the Registrar or the FMA is considering any matters relating to the deregistration of that person under this Act.

be in the form (if any) required by the Registrar and be accompanied by the prescribed fee (if any) and any levy payable by the provider; and

confirm that the provider is not disqualified under section 14; and

contain, or be accompanied by, any other prescribed information or documents.

an annual confirmation contains information that is different from the information entered on the register (where the Registrar is satisfied that the situations described in section 18(1) do not apply); or

a financial service provider informs the Registrar of information that is different from the information entered on the register (where the Registrar is satisfied that the situations described in section 18(1) do not apply); or

a licensing authority informs the Registrar that a registered financial service provider has become a licensed provider in relation to a particular licensed service; or

a financial advice provider notifies the Registrar of a change under section 17(1)(d) or (e); or

the Registrar is satisfied at any time that the register contains a typographical error or a mistake, or omits information supplied to the Registrar; or

regulations made under this Act require the Registrar to do so in circumstances specified by the regulations.

is not in the required form (if any); or

does not comply with prescribed requirements.

by an individual, or a person with the consent of the individual, for the purpose of searching for information about that individual in accordance with the Privacy Act 2020:

by a person for a purpose referred to in section 26:

by a person for the purpose of advising another person in connection with any of the purposes referred to in this section.

holds (other than on the register) in relation to the exercise of the Registrar’s powers or the performance of the Registrar’s functions and duties; and

considers may assist the person or body in the exercise of its powers or the performance of its functions and duties.

the Financial Markets Authority:

the Reserve Bank of New Zealand:

any other licensing authority identified in Schedule 2:

the New Zealand Police:

the person responsible for an approved dispute resolution scheme:

the Commerce Commission:

the disciplinary committee:

a prescribed agency that carries out supervisory or enforcement functions relating to money laundering or terrorist financing:

a prescribed overseas agency that is the equivalent of the Registrar or of a body referred to in paragraphs (a) to (c), but only where there is a written agreement between the overseas agency and the Minister about sharing the information.

must be in writing; and

may be made subject to any restrictions and conditions the Registrar thinks fit; and

is revocable at any time, in writing; and

does not prevent the performance or exercise of a function, duty, or power by the Registrar.

provides a financial service to persons in New Zealand as referred to in section 7A(1)(a); or

is in the business of providing a financial service in breach of section 11; or

is holding out or has held out that the person is in the business of providing a financial service in breach of section 12; or

is qualified or has been qualified to be registered in accordance with section 13; or

is ordinarily resident in New Zealand; or

has a place of business in New Zealand; or

is in the business of providing a financial service; or

has made a false or misleading representation or omission in breach of section 41.

requiring a person to produce for inspection relevant documents within that person’s possession or control:

ascertaining whether information provided to the Registrar is correct:

requiring a person, in relation to information provided to the Registrar, to—

specifying—

inspecting and taking copies of relevant documents:

taking possession of relevant documents and retaining them for a reasonable time for the purpose of taking copies.

produce a relevant document relating to another person; or

confirm that information provided by another person is correct, or correct that information, if A is reasonably able to give that confirmation or to make that correction.

in the case of an individual, to a fine not exceeding $30,000:

in the case of a person who is not an individual, to a fine not exceeding $300,000.

in the case of an individual, to a fine not exceeding $30,000:

in the case of a person who is not an individual, to a fine not exceeding $300,000.

provides a financial service to persons in New Zealand as referred to in section 7A(1)(a); or

is in the business of providing a financial service or a particular financial service; or

is holding out or has held out that the person is in the business of providing a financial service in breach of section 12; or

is qualified or has been qualified to be registered in accordance with section 13; or

is ordinarily resident in New Zealand; or

has a place of business in New Zealand; or

is in the business of providing a financial service; or

has made a false or misleading representation or omission in breach of section 41.

the Registrar; or

the Minister; or

the chief executive; or

any person authorised by the Registrar to receive the document, information, or report for the purposes of this Act.

in accordance with subsection (1); or

subject to the approval of the Registrar, with the consent of the person to whom it relates; or

subject to the approval of the Registrar, for the purposes of this Act; or

to the extent that the information, or information contained in the document or report, is available under any Act or in a public document.

the Registrar, or that authorised person, may continue to exercise the powers under that section as if no such appeal or application had been made; and

no person is excused from fulfilling an obligation under that section by reason of that appeal or application.

the Registrar must ensure that, as soon as is reasonably practicable after the court’s decision is delivered, any copy of a document taken or retained under section 37 is destroyed; and

no information acquired under section 37 is admissible in evidence in any proceedings unless the court hearing the proceedings in which it is sought to adduce the evidence is satisfied it was not obtained unfairly.

makes a representation knowing that it is false or misleading in a material particular; or

omits any matter knowing that the omission is false or misleading in a material particular.

in the case of an individual, to imprisonment for a term not exceeding 2 years or to a fine not exceeding $100,000, or to both; or

in the case of a person who is not an individual, to a fine not exceeding $300,000.

a decision not to register A as a financial service provider under section 16 or 22C:

a decision to deregister A under section 18:

a decision of the Registrar or a person authorised by the Registrar under section 37 to require A to do something.

confirm, modify, or reverse the decision or direction or any part of it:

exercise any of the powers that could have been exercised by the Registrar or the FMA in relation to the matter to which the appeal relates:

refer the decision or direction back to the Registrar or the FMA (as the case may be) with directions to reconsider the whole or a specified part of the decision or direction.

declaring a class of contract to be a contract of insurance for the purposes of this Act:

prescribing a financial service for the purposes of section 5(1)(ma) or (n):

prescribing circumstances for the purposes of section 7A(1)(d):

prescribing a threshold or thresholds for the purposes of section 7A(2)(c) and the circumstances in which that paragraph does not apply:

exempting any service or person or class of service or persons from the application of this Act, and prescribing the terms and conditions (if any) of the exemption:

providing for the circumstances in which section 12A applies and prescribing terms and conditions for the purposes of that section:

specifying information or documents to be included in, or provided with, applications or other documents required under this Act, and requiring documents to be signed by specified persons:

prescribing information to be provided under section 16(1A), the time or times at which that information must be provided, and other matters relating to the manner in which the information is provided:

specifying warnings or other information about, or in connection with, the registration of a financial service provider that must be included in advertising for the service, in information or documents provided to persons who receive or may receive the service, or otherwise in information or documents of the classes specified in the regulations (for example, a warning that registration does not mean that the provider is subject to active regulation or oversight):

prescribing the circumstances in which the duty referred to in paragraph (bb) applies and the manner in which the duty must be carried out:

providing for matters referred to in section 22D(4):

prescribing procedures, requirements, and other matters, not inconsistent with this Part or with the purposes described in section 26, relating to the register, including matters that relate to—

prescribing either of the following types of agency:

prescribing fees payable to the Registrar in respect of any matter under this Act or the manner in which fees may be calculated:

providing for any other matters contemplated by Part 1 or by this Part, necessary for its administration, or necessary for giving it full effect.

to promote 1 or more of the purposes of this Act as specified in section 2A, 9, or 47; and

to protect, or prevent damage to, the integrity or reputation of—

before making a recommendation, have regard to New Zealand’s obligations under the FATF Recommendations; and

not make the recommendation unless the Minister is satisfied that the costs of compliance with this Act would be unreasonable or not justified by the benefit of compliance.

the purpose of assisting any person in the exercise of the person’s powers or the performance of the person’s functions or duties under this Act or any other relevant legislation:

the purpose of assisting a Minister, a department of State, or the Reserve Bank of New Zealand in administering this Act or any other relevant legislation.

any licensing enactment:

any financial markets legislation:

the Credit Contracts and Consumer Finance Act 2003.

prescribe the method of payment of a fee; and

authorise the Registrar to refund or waive, in whole or in part and on any prescribed conditions, payment of a fee in relation to any person or class of persons.

the instrument granting the refund or waiver is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements); and

the regulations must contain a statement to that effect.

both B and C, if both B and C are required to be registered under this Act for a financial advice service; or

B (and not C), in any other case.

by this Act; or

by or under any other enactment (including under a licence condition).

review the operation of this Part since the commencement of this section; and

prepare a report on the review for the Minister.

a financial service provider in relation to providing a financial service referred to in section 5(1)(i) or (ia)(i) if providing that service is not the provider’s only or principal business; or

a financial service provider in relation to the financial service of operating a financial product market (within the meaning of section 6(1) of the Financial Markets Conduct Act 2013); or

an individual who is exempted from the obligation by section 48A; or

a financial service provider (whether generally or in respect of a particular financial service or class of financial service) if it is exempted from the obligation by or under any other Act or by regulations made under section 79.

a person who is in the business of providing any financial service and receives the financial service in the course of that business:

a person who is a wholesale investor (within the meaning of clause 3(2) of Schedule 1 of the Financial Markets Conduct Act 2013, except that the relevant time for the purpose of applying that schedule under this paragraph must be treated as the time immediately before the service is received by the client):

a person who is, in relation to an offer of financial products, a wholesale investor (within the meaning of clause 3 of Schedule 1 of the Financial Markets Conduct Act 2013), if the service relates to that offer or to financial products that have been acquired by that person under that offer:

a person who is, in relation to an offer of financial products, a close business associate of the offeror (within the meaning of clause 4 of Schedule 1 of the Financial Markets Conduct Act 2013), if the service relates to that offer or to financial products that have been acquired by that person under that offer:

a person who is, in relation to an offer of financial products, a relative of the offeror or of a director of the offeror (within the meaning of clause 5 of Schedule 1 of the Financial Markets Conduct Act 2013), if the service relates to that offer or to financial products that have been acquired by that person under that offer:

an eligible investor under section 49A:

if the financial service is a financial advice service or a regulated client money or property service, a person who is a wholesale client in respect of that service under clause 4 of Schedule 5 of the Financial Markets Conduct Act 2013.

the client certifies in writing that the client understands that, as a consequence of certifying himself, herself, or itself to be an eligible investor, the financial service provider may not be a member of an approved dispute resolution scheme; and

the client states the reasons for this certification; and

a financial service provider signs a written acceptance of the certification in accordance with section 49B.

is satisfied that the client has been sufficiently advised of the consequences of the certification; and

has no reason to believe that the certification is incorrect or that further information or investigation is required as to whether or not the certification is correct.

it is provided to the financial service provider; or

delivered or posted to the financial service provider at the person’s business address stated on the register or (if not registered) the person’s last known place of business in New Zealand; or

sent by fax or email to the person’s fax number or email address stated on the register.

comply with the rules of the scheme:

comply with a resolution of a complaint that constitutes a binding resolution under those rules (a binding settlement).

the rules about the scheme:

any other information that is prescribed concerning the considerations outlined in section 52:

the prescribed fee (if any).

whether the scheme has an appropriate purpose:

whether the applicant has undertaken reasonable consultation on the scheme with members or potential members of the scheme, and persons (or their representatives) likely to be substantially affected by the scheme:

whether the applicant has adequate funding to enable it to operate the scheme according to the scheme’s purpose and in accordance with the rules about the scheme:

whether the applicant’s directors and senior managers are competent to manage a dispute resolution scheme:

whether the scheme will accept all types of financial service providers as members and, if not, whether there are other approved dispute resolution schemes that cover all types of financial service providers:

whether the scheme is capable of resolving disputes about the types of financial services provided by the members or potential members of the scheme:

the amounts of money that complaints lodged with the scheme may be about, and whether those amounts are reasonable and appropriate:

whether the rules about the scheme are adequate and comply with—

the number of currently approved dispute resolution schemes:

the types of financial service providers that may be members of currently approved dispute resolution schemes:

the proposed size of the scheme:

the types of financial service providers that may be potential members of the scheme:

any other applications for approval that have been made.

accessibility:

independence:

fairness:

accountability:

efficiency:

effectiveness.

the Minister of Finance; and

the Minister of Commerce.

notify the applicant of the decision; and

if the decision is to approve the application, ensure that—

there has been a breach of a prescribed requirement:

there has been a failure to comply with the rules about the scheme:

the rules about the scheme do not, or no longer, comply with the requirements of section 63:

the person responsible for the scheme has not maintained or published a list of current members as required by section 62:

the person responsible for the scheme has not published the rules as required by section 64:

the person responsible for the scheme has not supplied the Minister with any of the following:

the person responsible for the scheme has not notified the Minister in accordance with section 65 before changing the rules about the scheme:

the person responsible for the scheme has not complied with section 67:

the scheme no longer satisfies the principles in section 52(2).

given the Minister—

informed the Minister of adequate arrangements that it has made, or will make, to facilitate the transfer of members of the existing scheme to another approved dispute resolution scheme or schemes.

that the Minister intends to withdraw the scheme’s approval for any or all of the grounds described in section 56(1) (stating which apply); and

the reasons why the Minister considers any or all of the grounds described in section 56(1) apply; and

that there is a notice period before the withdrawal of the scheme’s approval during which the person responsible for the scheme may object, under section 58, to the intended withdrawal.

notify all members of the Minister’s intention to withdraw the scheme’s approval; or

provide the Minister with a list of the names and business addresses of current members so that the Minister can, if the Minister wishes, notify all members of the Minister’s intention to withdraw the scheme’s approval.

notify members of the scheme of adequate arrangements that have been, or will be, made to facilitate the transfer of members of the scheme to another approved dispute resolution scheme or schemes:

make clear to those members that those members may—

remind each of its members of the member’s obligation—

may object (with reasons) to the intended withdrawal of the scheme’s approval under section 56(1); and

must not accept any new members.

notify the person responsible for the scheme; and

notify the Registrar; and

ensure the withdrawal is published in the Gazette; and

ensure the chief executive updates the details described in section 78(2).

ceases to be a member of that scheme; and

must ensure that—

which types of financial service providers may be members of the scheme:

that the types of financial service providers referred to in paragraph (a) must be accepted as members of the scheme, unless—

how financial service providers become members of the scheme and how membership is terminated:

that membership may be refused or terminated because of an applicant’s, or a member’s,—

that consumers and businesses that have no more than 19 full-time equivalent employees may make complaints for resolution by the scheme:

how complaints about a member may be made for resolution by the scheme:

a period after which the scheme, if asked by a complainant, must investigate a complaint that has been made directly to a member:

that complaints about members must be investigated in a way that is consistent with the rules of natural justice:

that the scheme has jurisdiction in respect of—

that any information may be considered in relation to a complaint and any inquiry made that is fair and reasonable in the circumstances:

the remedial action that the scheme can impose on a member to resolve a complaint (for example, a requirement to change systems or to compensate a complainant up to a certain amount stated in the rules):

how remedial action may be enforced against the scheme’s members, including after members have left the scheme:

that the scheme will not charge a fee to any complainant to investigate or resolve a complaint:

that a resolution of a complaint about a member of the scheme is binding on the member concerned:

that a resolution of a complaint about a member of the scheme is binding on the complainant concerned, if the complainant accepts the resolution:

that the complainant may take alternative court action against the member at any time, including if the complainant rejects the resolution:

that the scheme may cease investigating and resolving a complaint if the complainant takes alternative court action against the member:

that an independent review of the scheme must occur at least once every 5 years after the date of the scheme’s approval and must be supplied to the Minister within 3 months of completion:

that the person responsible for the scheme and the scheme’s members must inform the people referred to in paragraph (c) about the scheme:

any other prescribed matters.