Financial Service Providers (Registration) Regulations 2020

Reprint as at 1 June 2021

Coat of Arms of New Zealand

Financial Service Providers (Registration) Regulations 2020

(LI 2020/316)

Patsy Reddy, Governor-General

Order in Council

At Wellington this 14th day of December 2020

Present:
The Right Hon Jacinda Ardern presiding in Council

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.

These regulations are administered by the Ministry of Business, Innovation, and Employment.

These regulations are made under section 44 of the Financial Service Providers (Registration and Dispute Resolution) Act 2008 and clause 90 of Schedule 4 of the Financial Markets Conduct Act 2013—

(a)

on the advice and with the consent of the Executive Council; and

(b)

on the recommendation of the Minister of Commerce and Consumer Affairs made in accordance with section 44 of the Financial Service Providers (Registration and Dispute Resolution) Act 2008 and clause 90(2) of Schedule 4 of the Financial Markets Conduct Act 2013.

Contents

1Title
2Commencement
Preliminary provisions
3Interpretation
4Transitional, savings, and related provisions
5Definition of financial service: prescribed services that are same, or substantially same, as certain market services
Registration
6Registration for certain overlapping services not required
7Application to be registered as financial service provider: prescribed information
8Registrar may require information about application of Act to person: prescribed information
9Registration of financial service provider and contents of register: prescribed information
Register of financial service providers
10Operation of and access to register: prescribed reasons
11Annual confirmation: prescribed information
12Registrar must amend register in certain circumstances
13Sharing information with other persons or bodies: prescribed agencies
Minimum threshold for application of Act to certain financial services
14Regulations apply for purposes of section 7A(2)(c) of Act to services listed in Schedule 6
15Threshold for new providers
16Threshold for providers in business between 6 and 12 months
17Threshold for providers in business for 12 months or more
18Other rules relating to thresholds
19Meaning of terms used in regulations 14 to 20 and Schedule 6
20When threshold rules do not apply to new providers
21Other circumstances in which threshold rules do not apply
Duty to provide warning or other information
22Warnings or information about registration of financial service provider
23Advertisement or other communication to include statement warning about lack of active regulation and oversight
24Additional warning if provider does not have place of business in New Zealand
Revocations
25Revocation of former regulations
26Revocation of transitional regulations at end of transitional period
Schedule 1
Transitional, savings, and related provisions
Schedule 2
Application to be registered as financial service provider: prescribed information
Schedule 3
Registration of financial service provider and contents of register: prescribed information
Schedule 4
Annual confirmation: prescribed information under regulation 11
Schedule 5
Other prescribed information
Schedule 6
Determining minimum thresholds under section 7A(2)(c) of Act
Gazette Information
Reprint notes