Explanatory note
This note is not part of the regulations, but is intended to indicate their general effect.
These regulations make changes to the list of participating agencies as a consequence of the Financial Services Legislation Amendment Act 2019. That Act, among other things, introduces a new regime for financial advice services under the Financial Markets Conduct Act 2013 (the 2013 Act). Under the 2013 Act, financial advice services are provided under a market services licence. Holders of market services licences are already participating agencies.
The changes replace references to authorised financial advisers and qualifying financial entities with references to—
authorised bodies under the 2013 Act. Authorised bodies provide market services under a market services licence (for example, financial advice services); and
financial advisers under the 2013 Act. Financial advisers give financial advice on behalf of persons that hold, or are authorised bodies under, a market services licence.
Issued under the authority of the Legislation Act 2012.
Date of notification in Gazette: 17 December 2020.
These regulations are administered by the Department of Internal Affairs.