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Financial_Service_Providers_Registration_and_Dispute_Resolution_Act_2008.xml.act
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Financial_Service_Providers_Registration_and_Dispute_Resolution_Act_2008.xml.act
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<?xml version="1.0" encoding="UTF-8"?>
<act date.instructed="2007-07-11" id="DLM1109400" in.amend="false" instructing.office="Economic Development" irdnumbering="no" xml:lang="en-NZ" year.imprint="2010" act.no="97" act.type="public" date.as.at="2010-07-01" date.assent="2008-09-29" date.first.valid="2008-09-30" stage="reprint" year="2008" prospective.consolidation="F">
<cover id="DLM1109427">
<reprint-date>2010-07-01</reprint-date>
<title>Financial Service Providers (Registration and Dispute Resolution) Act 2008</title>
<assent>2008-09-29</assent>
<commencement>see section 2</commencement>
<cover.reprint-note>
<para xml:lang="en-NZ">
<text>Changes authorised by <citation jurisdiction="nz"><extref href="DLM195466">section 17C</extref></citation> of the Acts and Regulations Publication Act 1989 have been made in this reprint.</text>
</para>
<para>
<text>A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.</text>
</para>
<admin-office>This Act is administered by the <ministry>Ministry of Economic Development</ministry>.</admin-office>
</cover.reprint-note>
</cover>
<contents>
<heading>Contents</heading>
<toc/>
</contents>
<body id="DLM1109429" prov-type="section">
<prov id="DLM1109430" irdnumbering="no" skeleton="no" toc="yes">
<label auto.number="no" denominator="yes">1</label>
<heading>Title</heading>
<prov.body>
<subprov skeleton="no">
<label auto.number="no" denominator="no"/>
<para>
<text>This Act is the Financial Service Providers (Registration and Dispute Resolution) Act 2008.</text>
</para>
</subprov>
</prov.body>
</prov>
<prov id="DLM1109431" irdnumbering="no" skeleton="no" toc="yes">
<label auto.number="no" denominator="yes">2</label>
<heading>Commencement</heading>
<prov.body>
<subprov skeleton="no">
<label auto.number="no" denominator="yes">1</label>
<para>
<text><citation jurisdiction="nz"><intref href="DLM1109503">Part 2</intref> and <intref href="DLM1585427">section 48</intref></citation> come into force on a date to be appointed by the Governor-General by Order in Council; and 1 or more orders may be made that do either or both of the following:</text>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">a</label>
<para>
<text>bring different provisions into force on different dates:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">b</label>
<para>
<text>bring provisions into force on different dates in respect of different types of financial service or financial service provider.</text>
</para>
</label-para>
</para>
</subprov>
<subprov skeleton="no">
<label auto.number="no" denominator="yes">2</label>
<para>
<text>The rest of this Act comes into force on the day after the date on which it receives the Royal assent.</text>
</para>
</subprov>
</prov.body>
<notes>
<history>
<history-note id="DLM3080394"><amended-provision>Section 2(1)</amended-provision>: <amending-operation>substituted</amending-operation>, on <amendment-date>1 July 2010</amendment-date>, by <amending-provision href="DLM3053609">section 5</amending-provision> of the <amending-leg>Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010</amending-leg> (2010 No 41).</history-note>
</history>
</notes>
</prov>
<part date.instructed="2007-07-11" id="DLM1109432" in.amend="false" instructing.office="Economic Development" irdnumbering="no" toc="yes" date.first.valid="2008-09-30" act.no="97" act.type="public" date.as.at="2010-07-01" date.assent="2008-09-29" stage="reprint" year="2008" prospective.consolidation="F">
<label auto.number="no" denominator="yes">1</label>
<heading>Preliminary provisions</heading>
<prov id="DLM1109433" irdnumbering="no" skeleton="no" toc="yes">
<label auto.number="no" denominator="yes">3</label>
<heading>Overview</heading>
<prov.body>
<subprov skeleton="no">
<label auto.number="no" denominator="yes">1</label>
<para>
<text>This Act requires financial service providers to be registered. </text>
</para>
</subprov>
<subprov skeleton="no">
<label auto.number="no" denominator="yes">2</label>
<para>
<text>In order to be registered, financial service providers are generally required to be members of a dispute resolution scheme if they provide financial services to retail clients.</text>
</para>
</subprov>
<subprov skeleton="no">
<label auto.number="no" denominator="yes">3</label>
<para>
<text>The Act sets out how a dispute resolution scheme may be approved by the Minister, why the approval might be withdrawn, and how a dispute resolution scheme may be appointed as the reserve scheme.</text>
</para>
</subprov>
<subprov skeleton="no">
<label auto.number="no" denominator="yes">4</label>
<para>
<text>The Act provides that the reserve scheme is to act as the default dispute resolution scheme and is to be capable of resolving disputes relating to all types of financial service providers.</text>
</para>
</subprov>
<subprov skeleton="no">
<label auto.number="no" denominator="yes">5</label>
<para>
<text>This section is intended as a guide only.</text>
</para>
</subprov>
</prov.body>
<notes>
<history>
<history-note id="DLM3080395"><amended-provision>Section 3(2)</amended-provision>: <amending-operation>substituted</amending-operation>, on <amendment-date>1 July 2010</amendment-date>, by <amending-provision href="DLM3053610">section 6</amending-provision> of the <amending-leg>Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010</amending-leg> (2010 No 41).</history-note>
</history>
</notes>
</prov>
<prov id="DLM1109434" irdnumbering="no" skeleton="no" toc="yes">
<label auto.number="no" denominator="yes">4</label>
<heading>Interpretation</heading>
<prov.body>
<subprov skeleton="no">
<label auto.number="no" denominator="no"/>
<para>
<text>In this Act, unless the context otherwise requires,—</text>
<def-para id="DLM1585401">
<para>
<text><def-term id="DLM1585402">affiliated entity</def-term> means an affiliated entity that has been identified in an Order in Council in accordance with <citation jurisdiction="nz"><intref href="DLM1585422">section 23(3)</intref></citation></text>
</para>
</def-para>
<def-para id="DLM1109435">
<para>
<text><def-term id="DLM1109436">annual confirmation</def-term> means the annual confirmation relating to a registered provider supplied to the Registrar under <citation jurisdiction="nz"><intref href="DLM1109531">section 28</intref></citation></text>
</para>
</def-para>
<def-para id="DLM1109437">
<para>
<text><def-term id="DLM1109438">annual report</def-term> means the annual report relating to an approved dispute resolution scheme supplied to the Minister under <citation jurisdiction="nz"><intref href="DLM1109583">section 68</intref></citation></text>
</para>
</def-para>
<def-para id="DLM1109439">
<para>
<text><def-term id="DLM1109440">approved dispute resolution scheme</def-term> has the meaning given by <citation jurisdiction="nz"><intref href="DLM1109558">section 50</intref></citation></text>
</para>
</def-para>
<def-para id="DLM3079607">
<para>
<text><def-term id="DLM3079608">broker</def-term> has the meaning given by <citation jurisdiction="nz">section 77A of the Financial Advisers Act 2008</citation></text>
</para>
</def-para>
<def-para id="DLM3079609">
<para>
<text><def-term id="DLM3079610">broking service</def-term> has the meaning given by <citation jurisdiction="nz">section 77B of the Financial Advisers Act 2008</citation></text>
</para>
</def-para>
<def-para id="DLM1109443">
<para>
<text><def-term id="DLM1109444">business</def-term> includes any profession, trade, or undertaking, whether or not carried on with the intention of making a pecuniary profit</text>
</para>
</def-para>
<def-para id="DLM3079611">
<para>
<text><def-term id="DLM3079612">chartered accountant</def-term> has the same meaning as in <citation jurisdiction="nz"><extref href="DLM391369">section 2</extref> of the Institute of Chartered Accountants of New Zealand Act 1996</citation></text>
</para>
</def-para>
<def-para id="DLM1109445">
<para>
<text><def-term id="DLM1109446">chief executive</def-term> means the chief executive of the department of State that, with the authority of the Prime Minister, is for the time being responsible for the administration of this Act</text>
</para>
</def-para>
<def-para id="DLM1109447">
<para>
<text><def-term id="DLM1109448">company</def-term> means a company, or an overseas company, within the meaning of <citation jurisdiction="nz"><extref href="DLM319576">section 2(1)</extref></citation> of the Companies Act 1993</text>
</para>
</def-para>
<def-para id="DLM3079614">
<para>
<text><def-term id="DLM3079615">contract of insurance</def-term>—</text>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">a</label>
<para>
<text>means every contract of insurance including a contract of life insurance (including endowment and annuity contracts) and reinsurance; but</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">b</label>
<para>
<text>does not include a class of contract declared not to be a contract of insurance by regulations</text>
</para>
</label-para>
</para>
</def-para>
<def-para id="DLM1109449">
<para>
<text><def-term id="DLM1109450">controlling owner</def-term> means, in relation to a financial service provider that is not an individual, any person who beneficially owns 50% or more of that provider</text>
</para>
</def-para>
<def-para id="DLM3079616">
<para>
<text><def-term id="DLM3079617">conveyancing practitioner</def-term> has the meaning given by <citation jurisdiction="nz"><extref href="DLM364948">section 6</extref> of the Lawyers and Conveyancers Act 2006</citation></text>
</para>
</def-para>
<def-para id="DLM1585403">
<para>
<text><def-term id="DLM1585404">credit contract</def-term>—</text>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">a</label>
<para>
<text>has the meaning given by <citation jurisdiction="nz"><extref href="DLM212734">section 7</extref></citation> of the Credit Contracts and Consumer Finance Act 2003; but</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">b</label>
<para>
<text>does not include—</text>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">i</label>
<para>
<text>contracts specified in <citation jurisdiction="nz"><extref href="DLM212753">section 15(1)(a)</extref> or (b)</citation> of that Act:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">ii</label>
<para>
<text>contracts to be treated as credit sales and consumer credit contracts under <citation jurisdiction="nz"><extref href="DLM212754">section 16</extref></citation> of that Act:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">iii</label>
<para>
<text>contracts under which no interest charges as defined in <citation jurisdiction="nz"><extref href="DLM211520">section 5</extref></citation> of that Act are payable</text>
</para>
</label-para>
</para>
</label-para>
</para>
</def-para>
<def-para id="DLM1109453">
<para>
<text><def-term id="DLM1109454">director</def-term> has the meaning given by <citation jurisdiction="nz"><extref href="DLM320630">section 126</extref></citation> of the Companies Act 1993, but also includes, in relation to a body that is not a company, a person who occupies a position comparable to that of a director (such as a trustee or a partner)</text>
</para>
</def-para>
<def-para id="DLM1109455">
<para>
<text><def-term id="DLM1109456">document</def-term> means—</text>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">a</label>
<para>
<text>any material, whether or not it is signed or otherwise authenticated, that bears symbols (including words and figures), images, or sounds, or from which symbols, images, or sounds can be derived, and includes—</text>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">i</label>
<para>
<text>a label, marking, or other writing that identifies or describes a thing of which it forms a part, or to which it is attached:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">ii</label>
<para>
<text>a book, map, plan, graph, or drawing:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">iii</label>
<para>
<text>a photograph, film, or negative; and</text>
</para>
</label-para>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">b</label>
<para>
<text>information electronically recorded or stored, and information derived from that information</text>
</para>
</label-para>
</para>
</def-para>
<def-para id="DLM1109457">
<para>
<text><def-term id="DLM1109458">due date</def-term>, in relation to an annual confirmation, means the date allocated to a registered financial service provider by the Registrar under <citation jurisdiction="nz"><intref href="DLM1109514">section 16(1)(b)</intref></citation></text>
</para>
</def-para>
<def-para id="DLM1633900">
<para>
<text><def-term id="DLM1633901">family trust</def-term> has the same meaning as in <citation jurisdiction="nz"><extref href="DLM211520">section 5</extref></citation> of the Credit Contracts and Consumer Finance Act 2003</text>
</para>
</def-para>
<def-para id="DLM1109459">
<para>
<text><def-term id="DLM1109460">FATF</def-term> means the Financial Action Task Force on Money Laundering established in Paris in 1989</text>
</para>
</def-para>
<def-para id="DLM1109461">
<para>
<text><def-term id="DLM1109462">FATF Recommendations</def-term> means all of the following recommendations:</text>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">a</label>
<para>
<text>the 40 Recommendations adopted by FATF at its plenary meeting on 20 June 2003:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">b</label>
<para>
<text>the Special Recommendations on Terrorist Financing adopted by FATF at its extraordinary plenary meeting on 31 October 2001:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">c</label>
<para>
<text>Special Recommendation IX on Terrorist Financing adopted by FATF at its plenary meeting between 20 and 22 October 2004</text>
</para>
</label-para>
</para>
</def-para>
<def-para id="DLM1109465">
<para>
<text><def-term id="DLM1109466">financial adviser service</def-term> has the meaning given by <citation jurisdiction="nz"><insertwords><extref href="DLM1584644">section 9</extref></insertwords> of the Financial Advisers Act 2008</citation></text>
</para>
</def-para>
<def-para id="DLM1109467">
<para>
<text><def-term id="DLM1109468">financial service</def-term> has the meaning given by <citation jurisdiction="nz"><intref href="DLM1109499">section 5</intref></citation></text>
</para>
</def-para>
<def-para id="DLM1109469">
<para>
<text><def-term id="DLM1109470">financial service provider</def-term> means a person who provides or offers to provide a financial service</text>
</para>
</def-para>
<def-para id="DLM1585405">
<para>
<text><def-term id="DLM1585406">in the business of providing a financial service</def-term> has the meaning given by <citation jurisdiction="nz"><intref href="DLM1585417">section 6</intref></citation></text>
</para>
</def-para>
<def-para id="DLM3079619">
<para>
<text><def-term id="DLM3079620">incorporated law firm</def-term> has the meaning given by <citation jurisdiction="nz"><extref href="DLM364948">section 6</extref> of the Lawyers and Conveyancers Act 2006</citation></text>
</para>
</def-para>
<def-para id="DLM3079622">
<para>
<text><def-term id="DLM3079623">insurer</def-term> means a person by whom or on whose behalf the risk or part of the risk to which any contract of insurance relates is accepted</text>
</para>
</def-para>
<def-para id="DLM1109473">
<para>
<text><def-term id="DLM1109474">lawyer</def-term> has the meaning given by <citation jurisdiction="nz"><extref href="DLM364948">section 6</extref></citation> of the Lawyers and Conveyancers Act 2006</text>
</para>
</def-para>
<def-para id="DLM3079624">
<para>
<text><def-term id="DLM3079625">licensed</def-term> means licensed, registered, authorised, or otherwise approved by a licensing authority</text>
</para>
</def-para>
<def-para id="DLM1633914">
<para>
<text><def-term id="DLM1633915">licensed provider</def-term> means a person, identified in <citation jurisdiction="nz"><intref href="DLM1585437">Schedule 2</intref></citation>, who—</text>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">a</label>
<para>
<text>provides or offers to provide a licensed service; and</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">b</label>
<para>
<text>is licensed, registered, authorised, or otherwise approved by a licensing authority</text>
</para>
</label-para>
</para>
</def-para>
<def-para id="DLM3079626">
<para>
<text><def-term id="DLM3079627">licensed service</def-term> means a financial service in respect of which a licensing enactment requires a person to be licensed (or to be exempt from that requirement) to—</text>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">a</label>
<para>
<text>provide the service; or</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">b</label>
<para>
<text>hold out that the person provides the service</text>
</para>
</label-para>
</para>
</def-para>
<def-para id="DLM1633912">
<para>
<text><def-term id="DLM1633913">licensing authority</def-term> means a body, identified in <citation jurisdiction="nz"><intref href="DLM1585437">Schedule 2</intref></citation>, that licenses, registers, authorises, or otherwise approves a person to be a licensed provider</text>
</para>
</def-para>
<def-para id="DLM3079628">
<para>
<text><def-term id="DLM3079629">licensing enactment</def-term> means an enactment identified in <citation jurisdiction="nz"><intref href="DLM1585437">Schedule 2</intref></citation></text>
</para>
</def-para>
<def-para id="DLM1109479">
<para>
<text><def-term id="DLM1109480">member</def-term>, in relation to a dispute resolution scheme, has the meaning given by <citation jurisdiction="nz"><intref href="DLM1585427">section 48(2)</intref></citation></text>
</para>
</def-para>
<def-para id="DLM1109481">
<para>
<text><def-term id="DLM1109482">member of a local authority</def-term> has the meaning given by <citation jurisdiction="nz"><extref href="DLM170881">section 5(1)</extref></citation> of the Local Government Act 2002</text>
</para>
</def-para>
<def-para id="DLM1585409">
<para>
<text><def-term id="DLM1585410">Minister</def-term> means—</text>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">a</label>
<para>
<text>the Minister of the Crown who, under the authority of any warrant or with the authority of the Prime Minister, is for the time being responsible for the administration of this Act and for <citation jurisdiction="nz"><intref href="DLM1109432">Parts 1</intref> and <intref href="DLM1109503">2</intref></citation>; and</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">b</label>
<para>
<text>the Minister of the Crown who, under the authority of any warrant or with the authority of the Prime Minister, is for the time being responsible for <citation jurisdiction="nz"><intref href="DLM1109553">Part 3</intref></citation></text>
</para>
</label-para>
</para>
</def-para>
<def-para id="DLM1109485">
<para>
<text><def-term id="DLM1109486">Ministry</def-term> means the department of State that, with the authority of the Prime Minister, is for the time being responsible for the administration of this Act</text>
</para>
</def-para>
<def-para id="DLM1633908">
<para>
<text><def-term id="DLM1633909">person</def-term> includes a corporation sole, a body corporate, <insertwords>and an unincorporated body</insertwords></text>
</para>
</def-para>
<def-para id="DLM1109487">
<para>
<text><def-term id="DLM1109488">prescribed</def-term> means prescribed by this Act or by any regulations made under this Act</text>
</para>
</def-para>
<def-para id="DLM1585411">
<para>
<text><def-term id="DLM1585412">real estate agent</def-term> means a person who is a licensee under the Real Estate Agents Act <citation jurisdiction="nz">2008</citation></text>
</para>
</def-para>
<def-para id="DLM1109489">
<para>
<text><def-term id="DLM1109490">register</def-term> means the register of financial service providers established and maintained under <citation jurisdiction="nz"><intref href="DLM1109527">section 24</intref></citation></text>
</para>
</def-para>
<def-para id="DLM1109491">
<para>
<text><def-term id="DLM1109492">Registrar</def-term> means the Registrar of Financial Service Providers appointed under <citation jurisdiction="nz"><intref href="DLM1109541">section 35</intref></citation></text>
</para>
</def-para>
<def-para id="DLM1109493">
<para>
<text><def-term id="DLM1109494">related company</def-term> has the meaning given by <citation jurisdiction="nz"><extref href="DLM319576">section 2(3)</extref></citation> of the Companies Act 1993</text>
</para>
</def-para>
<def-para id="DLM1109495">
<para>
<text><def-term id="DLM1109496">reserve scheme</def-term> has the meaning given by <citation jurisdiction="nz"><intref href="DLM1109587">section 71</intref></citation></text>
</para>
</def-para>
<def-para id="DLM1585413">
<para>
<text><def-term id="DLM1585414">responsible financial service provider</def-term> is a person declared to be a responsible financial service provider under <citation jurisdiction="nz"><intref href="DLM1585422">section 23(1)</intref></citation></text>
</para>
</def-para>
<def-para id="DLM3079631">
<para>
<text><def-term id="DLM3079632">retail client</def-term> has the meaning set out in <citation jurisdiction="nz"><intref href="DLM1633910">section 49</intref></citation></text>
</para>
</def-para>
<def-para id="DLM1109497">
<para>
<text><def-term id="DLM1109498">senior manager</def-term> means, in relation to a financial service provider, a person who is not a director but occupies a position that allows the person to exercise significant influence over the management or administration of that provider (for example, a chief executive or a chief financial officer)</text>
</para>
</def-para>
<def-para id="DLM1585415">
<para>
<text><def-term id="DLM1585416">tax agent</def-term> has the meaning given by <citation jurisdiction="nz"><extref href="DLM348353">section 3(1)</extref></citation> of the Tax Administration Act 1994</text>
</para>
</def-para>
<def-para id="DLM3079634">
<para>
<text><def-term id="DLM3079635">wholesale client</def-term> has the meaning set out in <citation jurisdiction="nz"><intref href="DLM1633910">section 49</intref></citation>.</text>
</para>
</def-para>
</para>
</subprov>
</prov.body>
<notes>
<history>
<history-note id="DLM3080396"><amended-provision>Section 4</amended-provision><emphasis style="bold">broker</emphasis>: <amending-operation>inserted</amending-operation>, on <amendment-date>1 July 2010</amendment-date>, by <amending-provision href="DLM3053611">section 7(3)</amending-provision> of the <amending-leg>Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010</amending-leg> (2010 No 41).</history-note>
<history-note id="DLM3080397"><amended-provision>Section 4</amended-provision><emphasis style="bold">broking service</emphasis>: <amending-operation>inserted</amending-operation>, on <amendment-date>1 July 2010</amendment-date>, by <amending-provision href="DLM3053611">section 7(3)</amending-provision> of the <amending-leg>Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010</amending-leg> (2010 No 41).</history-note>
<history-note id="DLM3080398"><amended-provision>Section 4</amended-provision><emphasis style="bold">chartered accountant</emphasis>: <amending-operation>inserted</amending-operation>, on <amendment-date>1 July 2010</amendment-date>, by <amending-provision href="DLM3053611">section 7(3)</amending-provision> of the <amending-leg>Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010</amending-leg> (2010 No 41).</history-note>
<history-note id="DLM3080399"><amended-provision>Section 4</amended-provision><emphasis style="bold">contract of insurance</emphasis>: <amending-operation>inserted</amending-operation>, on <amendment-date>1 July 2010</amendment-date>, by <amending-provision href="DLM3053611">section 7(3)</amending-provision> of the <amending-leg>Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010</amending-leg> (2010 No 41).</history-note>
<history-note id="DLM3080800"><amended-provision>Section 4</amended-provision><emphasis style="bold">conveyancing practitioner</emphasis>: <amending-operation>inserted</amending-operation>, on <amendment-date>1 July 2010</amendment-date>, by <amending-provision href="DLM3053611">section 7(3)</amending-provision> of the <amending-leg>Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010</amending-leg> (2010 No 41).</history-note>
<history-note id="DLM3080801"><amended-provision>Section 4</amended-provision><emphasis style="bold">financial adviser service</emphasis>: <amending-operation>amended</amending-operation>, on <amendment-date>1 July 2010</amendment-date>, by <amending-provision href="DLM3053611">section 7(4)</amending-provision> of the <amending-leg>Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010</amending-leg> (2010 No 41).</history-note>
<history-note id="DLM3080802"><amended-provision>Section 4</amended-provision><emphasis style="bold">incorporated law firm</emphasis>: <amending-operation>inserted</amending-operation>, on <amendment-date>1 July 2010</amendment-date>, by <amending-provision href="DLM3053611">section 7(3)</amending-provision> of the <amending-leg>Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010</amending-leg> (2010 No 41).</history-note>
<history-note id="DLM3080803"><amended-provision>Section 4</amended-provision><emphasis style="bold">insurance business</emphasis>: <amending-operation>repealed</amending-operation>, on <amendment-date>1 July 2010</amendment-date>, by <amending-provision href="DLM3053611">section 7(1)</amending-provision> of the <amending-leg>Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010</amending-leg> (2010 No 41).</history-note>
<history-note id="DLM3080804"><amended-provision>Section 4</amended-provision><emphasis style="bold">insurer</emphasis>: <amending-operation>inserted</amending-operation>, on <amendment-date>1 July 2010</amendment-date>, by <amending-provision href="DLM3053611">section 7(3)</amending-provision> of the <amending-leg>Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010</amending-leg> (2010 No 41).</history-note>
<history-note id="DLM3080805"><amended-provision>Section 4</amended-provision><emphasis style="bold">licensed</emphasis>: <amending-operation>inserted</amending-operation>, on <amendment-date>1 July 2010</amendment-date>, by <amending-provision href="DLM3053611">section 7(3)</amending-provision> of the <amending-leg>Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010</amending-leg> (2010 No 41).</history-note>
<history-note id="DLM3080806"><amended-provision>Section 4</amended-provision><emphasis style="bold">licensed service</emphasis>: <amending-operation>substituted</amending-operation>, on <amendment-date>1 July 2010</amendment-date>, by <amending-provision href="DLM3053611">section 7(3)</amending-provision> of the <amending-leg>Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010</amending-leg> (2010 No 41).</history-note>
<history-note id="DLM3080807"><amended-provision>Section 4</amended-provision><emphasis style="bold">licensing enactment</emphasis>: <amending-operation>inserted</amending-operation>, on <amendment-date>1 July 2010</amendment-date>, by <amending-provision href="DLM3053611">section 7(3)</amending-provision> of the <amending-leg>Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010</amending-leg> (2010 No 41).</history-note>
<history-note id="DLM3080808"><amended-provision>Section 4</amended-provision><emphasis style="bold">person</emphasis>: <amending-operation>amended</amending-operation>, on <amendment-date>1 July 2010</amendment-date>, by <amending-provision href="DLM3053611">section 7(2)</amending-provision> of the <amending-leg>Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010</amending-leg> (2010 No 41).</history-note>
<history-note id="DLM3080809"><amended-provision>Section 4</amended-provision><emphasis style="bold">retail client</emphasis>: <amending-operation>inserted</amending-operation>, on <amendment-date>1 July 2010</amendment-date>, by <amending-provision href="DLM3053611">section 7(3)</amending-provision> of the <amending-leg>Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010</amending-leg> (2010 No 41).</history-note>
<history-note id="DLM3080810"><amended-provision>Section 4</amended-provision><emphasis style="bold">wholesale client</emphasis>: <amending-operation>added</amending-operation>, on <amendment-date>1 July 2010</amendment-date>, by <amending-provision href="DLM3053611">section 7(3)</amending-provision> of the <amending-leg>Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010</amending-leg> (2010 No 41).</history-note>
</history>
</notes>
</prov>
<prov id="DLM1109499" irdnumbering="no" skeleton="no" toc="yes">
<label auto.number="no" denominator="yes">5</label>
<heading>Meaning of financial service</heading>
<prov.body>
<subprov skeleton="no">
<label auto.number="no" denominator="no"/>
<para>
<text>In this Act, <def-term id="DLM1109500">financial service</def-term> means any of the following financial services:</text>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">a</label>
<para>
<text>a financial adviser service:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">ab</label>
<para>
<text>a broking service:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">b</label>
<para>
<text>acting as a deposit taker as defined in the Reserve Bank of New Zealand Act 1989:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">c</label>
<para>
<text>being a registered bank:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">d</label>
<para>
<text>keeping, investing, administering, or managing money, securities, or investment portfolios on behalf of other persons:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">e</label>
<para>
<text>providing credit under a credit contract:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">f</label>
<para>
<text>operating a money or value transfer service:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">g</label>
<para>
<text>issuing and managing means of payment (for example, credit and debit cards, cheques, travellers’ cheques, money orders, bankers’ drafts, and electronic money):</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">h</label>
<para>
<text>giving financial guarantees:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">i</label>
<para>
<text>participating in an offer of securities to the public in either of the following capacities (within the meaning of those terms under <citation jurisdiction="nz"><extref href="DLM26805">section 2(1)</extref> of the Securities Act 1978</citation>):</text>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">i</label>
<para>
<text>as an issuer of the securities:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">ii</label>
<para>
<text>as a promoter:</text>
</para>
</label-para>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">ia</label>
<para>
<text>acting in any of the following capacities (within the meaning of those terms under <citation jurisdiction="nz"><extref href="DLM26805">section 2(1)</extref> of the Securities Act 1978)</citation> in respect of securities offered to the public:</text>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">i</label>
<para>
<text>as a trustee:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">ii</label>
<para>
<text>as a unit trustee:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">iii</label>
<para>
<text>as a superannuation trustee:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">iv</label>
<para>
<text>as a manager:</text>
</para>
</label-para>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">j</label>
<para>
<text>changing foreign currency:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">k</label>
<para>
<text>entering into derivative transactions, or trading in money market instruments, foreign exchange, interest rate and index instruments, transferable securities (including shares), and futures contracts on behalf of another person:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">l</label>
<para>
<text>providing forward foreign exchange contracts:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">m</label>
<para>
<text>acting as an insurer:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">n</label>
<para>
<text>providing any other financial service that is prescribed for the purposes of New Zealand complying with the FATF Recommendations, other recommendations by FATF, or other similar international obligations that are consistent with the purpose of this Act.</text>
</para>
</label-para>
</para>
</subprov>
</prov.body>
<notes>
<history>
<history-note id="DLM3080811"><amended-provision>Section 5(ab)</amended-provision>: <amending-operation>inserted</amending-operation>, on <amendment-date>1 July 2010</amendment-date>, by <amending-provision href="DLM3053639">section 8(1)</amending-provision> of the <amending-leg>Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010</amending-leg> (2010 No 41).</history-note>
<history-note id="DLM3080812"><amended-provision>Section 5(i)</amended-provision>: <amending-operation>substituted</amending-operation>, on <amendment-date>1 July 2010</amendment-date>, by <amending-provision href="DLM3053639">section 8(2)</amending-provision> of the <amending-leg>Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010</amending-leg> (2010 No 41).</history-note>
<history-note id="DLM3080813"><amended-provision>Section 5(ia)</amended-provision>: <amending-operation>inserted</amending-operation>, on <amendment-date>1 July 2010</amendment-date>, by <amending-provision href="DLM3053639">section 8(2)</amending-provision> of the <amending-leg>Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010</amending-leg> (2010 No 41).</history-note>
<history-note id="DLM3080814"><amended-provision>Section 5(m)</amended-provision>: <amending-operation>substituted</amending-operation>, on <amendment-date>1 July 2010</amendment-date>, by <amending-provision href="DLM3053639">section 8(3)</amending-provision> of the <amending-leg>Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010</amending-leg> (2010 No 41).</history-note>
</history>
</notes>
</prov>
<prov id="DLM1585417" irdnumbering="no" skeleton="no" toc="yes">
<label auto.number="no" denominator="yes">6</label>
<heading>Meaning of in the business of providing a financial service</heading>
<prov.body>
<subprov skeleton="no">
<label auto.number="yes" denominator="yes"/>
<para>
<text>In this Act, <def-term id="DLM1585418">in the business of providing a financial service</def-term> means carrying on a business of providing or offering to provide a financial service (whether or not the business is the provider's only business or the provider's principal business).</text>
</para>
</subprov>
</prov.body>
</prov>
<prov id="DLM1109501" irdnumbering="no" skeleton="no" toc="yes">
<label auto.number="no" denominator="yes">7</label>
<heading>Application of Act</heading>
<prov.body>
<subprov skeleton="no">
<label auto.number="no" denominator="yes">1</label>
<para>
<text>This Act applies to persons who are in the business of providing a financial service.</text>
</para>
</subprov>
<subprov skeleton="no">
<label auto.number="no" denominator="yes">2</label>
<para>
<text>None of the following persons are in the business of providing a financial service for the purposes of this Act to the extent this subsection applies to them:</text>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">a</label>
<para>
<text>a lawyer, incorporated law firm, conveyancing practitioner, chartered accountant, tax agent, or real estate agent providing a service in the ordinary course of business of the relevant kind:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">b</label>
<para>
<text>a government department listed in <citation jurisdiction="nz"><extref href="DLM130706">Schedule 1</extref> of the State Sector Act 1988</citation>:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">c</label>
<para>
<text>the Reserve Bank of New Zealand (and any subsidiaries):</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">d</label>
<para>
<text>the statutory entities listed in <citation jurisdiction="nz"><extref href="DLM331113">Schedule 1</extref> of the Crown Entities Act 2004</citation>:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">e</label>
<para>
<text>a person engaged in terminating the business of a financial service provider after that provider has been deregistered:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">f</label>
<para>
<text>a non-profit organisation in respect of free financial services:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">g</label>
<para>
<text>an affiliated entity:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">h</label>
<para>
<text>an executor, administrator, or trustee in respect of services provided in the administration of an estate or a trustee in respect of services provided to beneficiaries of a family trust:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">i</label>
<para>
<text>a nominated representative (within the meaning of the <citation jurisdiction="nz"><extref href="DLM1584200">Financial Advisers Act 2008</extref></citation>) while acting in that capacity:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">j</label>
<para>
<text>an employer while providing services to enable employees of the employer to obtain rights or benefits under a registered superannuation scheme (as defined in <citation jurisdiction="nz"><extref href="DLM143297">section 2(1)</extref> of the Superannuation Schemes Act 1989</citation>) or a KiwiSaver scheme (as defined in <citation jurisdiction="nz"><extref href="DLM378380">section 4(1)</extref> of the KiwiSaver Act 2006</citation>), being a scheme in which that employer participates for the benefit of its employees:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">k</label>
<para>
<text>any person exempted, under regulations made under this Act or by or under any other enactment, from the application of this Act or from the requirement to register under this Act (to the extent of the relevant exemption).</text>
</para>
</label-para>
</para>
</subprov>
<subprov skeleton="no">
<label auto.number="no" denominator="yes">3</label>
<para>
<text>If <citation jurisdiction="nz">subsection (2)</citation> applies to a person (<emphasis style="bold">A</emphasis>), it applies equally to any controlling owner, director, employee, agent, or other person while acting in the course of, and for the purposes of, A's business to the same extent as it applies to A.</text>
</para>
</subprov>
<subprov skeleton="no">
<label auto.number="no" denominator="yes">4</label>
<para>
<text>However, <citation jurisdiction="nz">subsections (2) and (3)</citation> do not apply if, and to the extent that, any other enactment requires a person referred to in those subsections to be registered under this Act.</text>
</para>
</subprov>
</prov.body>
<notes>
<history>
<history-note id="DLM3080815"><amended-provision>Section 7</amended-provision>: <amending-operation>substituted</amending-operation>, on <amendment-date>1 July 2010</amendment-date>, by <amending-provision href="DLM3053640">section 9</amending-provision> of the <amending-leg>Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010</amending-leg> (2010 No 41).</history-note>
</history>
</notes>
</prov>
<prov id="DLM1109502" irdnumbering="no" skeleton="no" toc="yes">
<label auto.number="no" denominator="yes">8</label>
<heading>Act binds the Crown</heading>
<prov.body>
<subprov skeleton="no">
<label auto.number="no" denominator="no"/>
<para>
<text>This Act binds the Crown.</text>
</para>
</subprov>
</prov.body>
</prov>
<prov id="DLM3079667" irdnumbering="no" skeleton="no" toc="yes">
<label auto.number="no" denominator="yes">8A</label>
<heading>Territorial scope</heading>
<prov.body>
<subprov skeleton="no">
<label auto.number="no" denominator="yes"/>
<para>
<text>This Act applies to a person who—</text>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">a</label>
<para>
<text>is ordinarily resident in New Zealand (within the meaning of <citation jurisdiction="nz"><extref href="DLM328020">section 4</extref> of the Crimes Act 1961</citation>) or has a place of business in New Zealand, regardless of where the financial service is provided; or</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">b</label>
<para>
<text>is, or is required to be, a licensed provider under a licensing enactment.</text>
</para>
</label-para>
</para>
</subprov>
</prov.body>
<notes>
<history>
<history-note id="DLM3080816"><amended-provision>Section 8A</amended-provision>: <amending-operation>inserted</amending-operation>, on <amendment-date>1 July 2010</amendment-date>, by <amending-provision href="DLM3053642">section 10</amending-provision> of the <amending-leg>Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010</amending-leg> (2010 No 41).</history-note>
</history>
</notes>
</prov>
</part>
<part date.instructed="2007-07-11" id="DLM1109503" in.amend="false" instructing.office="Economic Development" irdnumbering="no" toc="yes" date.first.valid="2008-09-30" act.no="97" act.type="public" date.as.at="2010-07-01" date.assent="2008-09-29" stage="reprint" year="2008" prospective.consolidation="F">
<label auto.number="no" denominator="yes">2</label>
<heading>Registration</heading>
<prov id="DLM1109504" irdnumbering="no" skeleton="no" toc="yes">
<label auto.number="no" denominator="yes">9</label>
<heading>Purpose of this Part</heading>
<prov.body>
<subprov skeleton="no">
<label auto.number="no" denominator="no"/>
<para>
<text>The purpose of this Part is to—</text>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">a</label>
<para>
<text>establish a compulsory public register of financial service providers to enable—</text>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">i</label>
<para>
<text>the public to access information about financial service providers; and</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">ii</label>
<para>
<text>the Registrar and other regulators to regulate financial service providers:</text>
</para>
</label-para>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">b</label>
<para>
<text>prohibit certain people from being involved in the management or direction of registered financial service providers:</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">c</label>
<para>
<text>conform with New Zealand’s obligations under the FATF Recommendations.</text>
</para>
</label-para>
</para>
</subprov>
</prov.body>
</prov>
<prov id="DLM1109505" irdnumbering="no" skeleton="no" toc="yes">
<label auto.number="no" denominator="yes">10</label>
<heading>Registration and deregistration</heading>
<prov.body>
<subprov skeleton="no">
<label auto.number="no" denominator="yes">1</label>
<para>
<text>Registration under this Act continues until the registered person is deregistered.</text>
</para>
</subprov>
<subprov skeleton="no">
<label auto.number="no" denominator="yes">2</label>
<para>
<text>Registration may not be transferred and may not vest by operation of law in any person other than the person registered under this Act.</text>
</para>
</subprov>
<subprov skeleton="no">
<label auto.number="no" denominator="yes">3</label>
<para>
<text>A person is deregistered when the Registrar enters on the register that the person is deregistered.</text>
</para>
</subprov>
</prov.body>
</prov>
<subpart date.instructed="2007-07-11" id="DLM1109506" in.amend="false" instructing.office="Economic Development" irdnumbering="no" toc="yes" act.no="97" act.type="public" date.as.at="2010-07-01" date.assent="2008-09-29" date.first.valid="2008-09-30" stage="reprint" year="2008" prospective.consolidation="F">
<label auto.number="no" denominator="yes">1</label>
<heading>No holding out or being in business of providing financial service unless registered</heading>
<prov id="DLM1109507" irdnumbering="no" skeleton="no" toc="yes">
<label auto.number="no" denominator="yes">11</label>
<heading>No being in business of providing financial service unless registered</heading>
<prov.body>
<subprov skeleton="no">
<label auto.number="no" denominator="yes">1</label>
<para>
<text>A person to whom this Act applies must not be in the business of providing a financial service unless that person is registered <insertwords>for that service</insertwords> under this Part.</text>
</para>
</subprov>
<subprov skeleton="no">
<label auto.number="no" denominator="yes">2</label>
<para>
<text>Every person who knowingly breaches <citation jurisdiction="nz">subsection (1)</citation> commits an offence and is liable on summary conviction,—</text>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">a</label>
<para>
<text>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</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">b</label>
<para>
<text>in the case of a person who is not an individual, to a fine not exceeding $300,000.</text>
</para>
</label-para>
</para>
</subprov>
</prov.body>
<notes>
<history>
<history-note id="DLM3080817"><amended-provision>Section 11(1)</amended-provision>: <amending-operation>amended</amending-operation>, on <amendment-date>1 July 2010</amendment-date>, by <amending-provision href="DLM3053644">section 11</amending-provision> of the <amending-leg>Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010</amending-leg> (2010 No 41).</history-note>
</history>
</notes>
</prov>
<prov id="DLM1109508" irdnumbering="no" skeleton="no" toc="yes">
<label auto.number="no" denominator="yes">12</label>
<heading>No holding out that in business of providing financial service unless registered</heading>
<prov.body>
<subprov skeleton="no">
<label auto.number="no" denominator="yes">1</label>
<para>
<text>A person to whom this Act applies must not—</text>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">a</label>
<para>
<text>hold out that the person is registered under this Act unless that person is registered under this Part; or</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">b</label>
<para>
<text>hold out that the person is registered in respect of a particular service or entitled, qualified, able, or willing to be in the business of providing a financial service unless that person is registered for that service under this Part.</text>
</para>
</label-para>
</para>
</subprov>
<subprov skeleton="no">
<label auto.number="no" denominator="yes">2</label>
<para>
<text>Every person who knowingly breaches <citation jurisdiction="nz">subsection (1)</citation> commits an offence and is liable on summary conviction,—</text>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">a</label>
<para>
<text>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</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">b</label>
<para>
<text>in the case of a person who is not an individual, to a fine not exceeding $300,000.</text>
</para>
</label-para>
</para>
</subprov>
</prov.body>
<notes>
<history>
<history-note id="DLM3080818"><amended-provision>Section 12(1)</amended-provision>: <amending-operation>substituted</amending-operation>, on <amendment-date>1 July 2010</amendment-date>, by <amending-provision href="DLM3053645">section 12</amending-provision> of the <amending-leg>Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010</amending-leg> (2010 No 41).</history-note>
</history>
</notes>
</prov>
</subpart>
<subpart date.instructed="2007-07-11" id="DLM1109509" in.amend="false" instructing.office="Economic Development" irdnumbering="no" toc="yes" act.no="97" act.type="public" date.as.at="2010-07-01" date.assent="2008-09-29" date.first.valid="2008-09-30" stage="reprint" year="2008" prospective.consolidation="F">
<label auto.number="no" denominator="yes">2</label>
<heading>Registration of financial service provider</heading>
<prov id="DLM1109510" irdnumbering="no" skeleton="no" toc="yes">
<label auto.number="no" denominator="yes">13</label>
<heading>Qualifications for registration as financial service provider</heading>
<prov.body>
<subprov skeleton="no">
<label auto.number="no" denominator="no"/>
<para>
<text>A person is qualified to be registered as a financial service provider if—</text>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">a</label>
<para>
<text>the person is not disqualified under <citation jurisdiction="nz"><intref href="DLM1109511">section 14</intref></citation>; and</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">b</label>
<para>
<text>the person is a member of an approved dispute resolution scheme, or the reserve scheme, if required by <citation jurisdiction="nz"><intref href="DLM1585427">section 48</intref></citation>; and</text>
</para>
</label-para>
<label-para skeleton="no">
<label auto.number="no" denominator="yes">c</label>
<para>
<text>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.</text>
</para>