Financial Advisers Amendment Act 2009: repealed, on 15 March 2021, pursuant to section 97(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This Act is administered by the Ministry of Economic Development.

The Parliament of New Zealand enacts as follows:

1 Title

This Act is the Financial Advisers Amendment Act 2009.

2 Commencement

This Act comes into force on the day after the date on which it receives the Royal assent.

3 Principal Act amended

This Act amends the Financial Advisers Act 2008.

4 Meaning of financial advice clarified

Section 13(1) is amended by adding “; or” and also by adding the following paragraph:

(g)

a disclosure statement for the purposes of the Retirement Villages Act 2003.

5 Individual who is QFE employee or agent

Section 17(1) is amended by omitting “qualified financial entity (the QFE)” and substituting “QFE”.

6 Employer or principal of financial adviser must be registered

Section 18(1) is amended by inserting “or engages” after “employs”.

7 Disclosure by qualifying financial entity

Section 26 is amended by repealing subsection (1) and substituting the following subsections:

(1)

This section applies—

(a)

if a financial adviser (A)—

(i)

is not an authorised financial adviser; and

(ii)

is an employee or agent of a QFE; and

(iii)

performs a financial adviser service in relation to a category 2 product in the course of the QFE’s business; or

(b)

if a financial adviser (A)—

(i)

is not an authorised financial adviser; and

(ii)

is an employee of a QFE; and

(iii)

performs a financial adviser service in relation to a category 1 product of which the QFE is the issuer in the course of the QFE’s business.

(1A)

In this section, the financial adviser service means a financial adviser service referred to in—

(a)

subsection (1)(a)(iii); or

(b)

subsection (1)(b)(iii).

8 New section 75 substituted

Section 75 is repealed and the following section substituted:

75 Exemption from liability for employee or agent of QFE

(1)

This section applies to—

(a)

a financial adviser who—

(i)

is not an authorised financial adviser; and

(ii)

is an employee or agent of a QFE; and

(iii)

performs a financial adviser service in relation to a category 2 product in the course of the QFE’s business; and

(b)

a financial adviser who—

(i)

is not an authorised financial adviser; and

(ii)

is an employee of a QFE; and

(iii)

performs a financial adviser service in relation to a category 1 product of which the QFE is the issuer in the course of the QFE’s business.

(2)

A financial adviser to whom this section applies is exempt from liability under this Act for contravention of a financial adviser obligation.

9 Commissioner’s approval of draft code

Section 88(3) is amended by omitting “subsection” and substituting “section”.

10 Investigation by Commission

Section 97(2) is amended by inserting “it” after “investigate a complaint if”.

11 Content of disciplinary committee’s notice of complaint

Section 100 is amended by omitting “Commission’s” and substituting “disciplinary committee’s”.

12 Offence of performing financial adviser service without being registered

Section 114(1) is amended by omitting “performs a financial adviser service without being registered” and substituting “, without being registered, performs a financial adviser service that under this Act only a registered financial adviser may perform”.

13 Right of appeal

Section 138(1)(a)(ii) is amended by omitting “67(4): or” and substituting “67(4); or”.

14 Territorial scope

Section 157 is amended by omitting “by a person in New Zealand,”.

15 New section 161A inserted

The following section is inserted immediately before section 162:

161A Financial Service Providers (Registration and Dispute Resolution) Act 2008 amended

(1)

This section amends the Financial Service Providers (Registration and Dispute Resolution) Act 2008.

(2)

Section 7(2)(m) is amended by adding “, except to the extent that an individual may be required to be registered in order to perform a financial adviser service under the Financial Advisers Act 2008”.

16 Securities Markets Act 1988 amended

Section 164(6) is repealed.

Reprints notes

1 General

This is a reprint of the Financial Advisers Amendment Act 2009 that incorporates all the amendments to that Act as at the date of the last amendment to it.

2 Legal status

Reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by any amendments to that enactment. Section 18 of the Legislation Act 2012 provides that this reprint, published in electronic form, has the status of an official version under section 17 of that Act. A printed version of the reprint produced directly from this official electronic version also has official status.

3 Editorial and format changes

Editorial and format changes to reprints are made using the powers under sections 24 to 26 of the Legislation Act 2012. See also http://www.pco.parliament.govt.nz/editorial-conventions/.

4 Amendments incorporated in this reprint

Financial Services Legislation Amendment Act 2019 (2019 No 8): section 97(1)

Financial Advisers Amendment Act 2009