Financial Service Providers (Registration and Dispute Resolution) Act 2008

Reprint as at 1 December 2014

Financial Service Providers (Registration and Dispute Resolution) Act 2008

Public Act2008 No 97
Date of assent29 September 2008
Commencementsee section 2

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 Business, Innovation, and Employment.


Contents

1 Title

2 Commencement

Part 1
Preliminary provisions

2A Purposes of this Act

3 Overview

4 Interpretation

5 Meaning of financial service

6 Meaning of in the business of providing a financial service

7 Application of Act

8 Act binds the Crown

8A Territorial scope

Part 2
Registration

9 Purpose of this Part

10 Registration and deregistration

Subpart 1No holding out or being in business of providing financial service unless registered and member of approved dispute resolution scheme

11 No being in business of providing financial service unless registered and member of approved dispute resolution scheme

12 No holding out that in business of providing financial service unless registered and member of approved dispute resolution scheme

Subpart 2Registration of financial service provider

13 Qualifications for registration as financial service provider

14 Disqualified person

Application for registration as financial service provider

15 Application to be registered as financial service provider

15A Purpose of FMA's powers relating to registration

15B FMA may prevent registration of financial service provider

15C FMA may prevent registration regardless of whether applicant is otherwise qualified to be registered

16 Registration of financial service provider

Changes relating to financial service provider

17 Duty to notify changes relating to financial service provider

Deregistration of financial service provider

18 Deregistration of financial service provider

18A Purpose of FMA's powers relating to deregistration

18B Consideration of deregistration of financial service provider by FMA

18C FMA may direct deregistration regardless of whether section 18(1) applies

19 Notice of intention to deregister

20 Objection to proposed deregistration of financial service provider

21 Notification of deregistration of financial service provider

Reregistration of financial service provider

22 Reregistration of financial service provider

Responsible financial service provider

[Repealed]

23 Responsible financial service provider [Repealed]

Subpart 3Register of financial service providers

Register established

24 Register of financial service providers

25 Operation of and access to register

26 Purposes of register

27 Contents of register

28 Annual confirmation

29 Registrar must amend register in certain circumstances

30 Registrar may refuse to accept document

Searches of register

31 Searches of register

32 Search purposes

33 When search breaches information privacy principle

Information sharing

34 Sharing information with other persons or bodies

Registrar of Financial Service Providers

35 Appointment of Registrar

36 Power of Registrar to delegate

Subpart 4Registrar’s inspection powers

37 Registrar’s inspection powers

38 Disclosure of information and reports

39 Exercise of powers under section 37 not affected by appeal

Subpart 5Miscellaneous

40 Offence also committed by director

41 Offence to make false or misleading representation

42 Appeals from Registrar’s decisions and FMA directions

43 Decisions or directions continue in effect until appeal

44 Regulations under Part 1 and this Part

Review and report on operation of this Part

45 Ministry must review and report on operation of this Part

46 Territorial scope [Repealed]

Part 3
Dispute resolution

47 Purpose of this Part

Subpart 1Financial service provider must be member of dispute resolution scheme

48 Financial service provider must be member of dispute resolution scheme

49 Who are retail clients

49A Who are eligible investors

49B Acceptance of certification

49C Revocation of certification

49D How to opt out of being wholesale client

49E Giving revocation of certification or notification of opt out

49F Members of dispute resolution scheme must comply with rules and binding resolutions

49G Offence to fail to comply with District Court order

Subpart 2Approval of dispute resolution schemes

50 Meaning of approved dispute resolution scheme

Approval of dispute resolution schemes

51 Application for approval

52 Mandatory considerations for approval

53 Minister must decide application for approval

54 Notification and publication of decision

55 Reapplication by unsuccessful applicant

Withdrawal of approval

56 Withdrawal of approval

57 Notice of intention to withdraw approval

58 Objection to intended withdrawal of approval

59 Approval is withdrawn from date person responsible for scheme is notified

60 Notification and publication of withdrawal of approval

61 Effect of withdrawal of approval on members of dispute resolution scheme

List of members of approved dispute resolution scheme

62 List of members

Rules about approved dispute resolution scheme

63 Rules about approved dispute resolution scheme

64 Obligation to publish rules

65 Duty to notify change to rules

66 Minister's consideration of change of rules

67 Duty to co-operate and communicate information in certain circumstances

Annual reports and information requests by Minister

68 Annual report

69 Person responsible for approved dispute resolution scheme must supply further information on Minister’s request

70 Annual report and information requested by Minister to be publicly available

Subpart 3Reserve scheme

[Repealed]

71 Reserve scheme [Repealed]

Appointment of reserve scheme

[Repealed]

72 Appointment of reserve scheme [Repealed]

72A Reserve scheme: rules about fees and charges [Repealed]

73 Revocation of appointment as reserve scheme [Repealed]

74 Notice of intention to recommend revocation of appointment as reserve scheme under section 73(2)(a) or (b) [Repealed]

75 Objection to intended recommendation for revocation [Repealed]

76 Duty to co-operate and communicate information in certain circumstances [Repealed]

Levy to fund reserve scheme

[Repealed]

77 Levy to fund reserve scheme [Repealed]

Subpart 4Miscellaneous

Publication of details relating to approved dispute resolution schemes

78 Publication of details relating to approved dispute resolution schemes

Levy

[Repealed]

78A Levy [Repealed]

Regulations under this Part

79 Regulations under this Part

79AA Appointment of interim dispute resolution scheme

Pecuniary and compensatory orders for contravening wholesale certification requirement

79A Pecuniary order for contravening wholesale certification requirement

79B Compensation for contravention of wholesale certification requirement

Review and report on operation of this Part

80 Ministry must review and report on operation of this Part

Consequential amendment

81 Consequential amendment

Schedule 1
Consequential amendment

Schedule 2
Licensing authorities and licensed providers

Reprint notes