Explanatory note
This note is not part of the regulations, but is intended to indicate their general effect.
These regulations, which come into force on 1 April 2014, amend the Financial Advisers (Definitions, Voluntary Authorisation, Prescribed Entities, and Exemptions) Regulations 2011.
These regulations amend the definition of bank notice product (a category 2 product). The amendment removes from the definition the requirement that the rate of interest or any other benefit provided does not alter as a result of a demand for repayment by the security holder.
These regulations also make a minor amendment to the definition of cash or term portfolio investment entity in light of changes made by the Financial Markets Conduct Act 2013.
Issued under the authority of the Legislation Act 2012.
Date of notification in Gazette: 27 March 2014.
These regulations are administered by the Ministry of Business, Innovation, and Employment.