Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698836679540.pdf (New Zealand)
Reprint as at 15 March 2021 Financial Advisers (Custodians of FMCA Financial Products) Amendment Regulations 2014 (LI 2014/329) Financial Advisers (Custodians of FMCA Financial Products) Amendment Regulations 2014: revoked, on 15 March 2021, pursuant to section 97(2)(a) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
Jerry Mateparae, Governor-General Order in Council At Wellington this 3rd day of November 2014 Present: His Excellency the Governor-General in Council Pursuant to section 154 of the Financial Advisers Act 2008, His Excellency the Governor-General, acting on the advice and with the consent of the Executive Coun- cil and on the recommendation of the Minister of Commerce and Consumer Affairs made after consulting the Financial Markets Authority, makes the following regula- tions.
Contents Title Commencement Principal regulations 1 2 3 Note Page 2 2 2 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.
1 r 1 4 1 2 3 4 Financial Advisers (Custodians of FMCA Financial Products) Amendment Regulations 2014 Reprinted as at 15 March 2021 Regulation 4 amended (Application) 2 Regulations Title These regulations are the Financial Advisers (Custodians of FMCA Financial Products) Amendment Regulations 2014.

Commencement These regulations come into force on 1 December 2014.
Principal regulations These regulations amend the Financial Advisers (Custodians of FMCA Finan- cial Products) Regulations 2014 (the principal regulations).
Regulation 4 amended (Application) Replace regulation 4(3) and (4) with: (3) Subclause (4) applies in respect of FMCA custodial services provided to a cli- ent (C) if— (a) (b) a person (A) provides the FMCA custodial services to C on behalf of the business of another person (B); and B does not itself provide the FMCA custodial services but, by virtue of section 77U of the Act, is treated (instead of A) as the broker having the broker obligations under the Act.
(4) If this subclause applies,— (a) (b) B must ensure that A complies with the requirements of these regula- tions in respect of the FMCA custodial services (applied as if references to a custodian were references to A); and B must be treated as having complied with the requirements of these regulations in respect of the FMCA custodial services if A complies with the requirements as referred to in paragraph (a).

Michael Webster, Clerk of the Executive Council.


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 December 2014, amend the Financial Advisers (Custodians of FMCA Financial Products) Regulations 2014.
The amend- 2 Reprinted as at 15 March 2021 Financial Advisers (Custodians of FMCA Financial Products) Amendment Regulations 2014 Explanatory note ment clarifies the application of the regulations where a person (A) provides FMCA custodial services to a client on behalf of the business of another person (B).

In this case, B is liable under the Financial Advisers Act 2008 if the requirements of these regulations are breached.
The amendment clarifies that— • • B must ensure that A complies with the requirements as if references to a cus- todian were references to A; and B must be treated as having complied with those requirements if A so com- plies.

Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 4 November 2014.


3 Notes Financial Advisers (Custodians of FMCA Financial Products) Amendment Regulations 2014 Reprinted as at 15 March 2021 Reprints notes 1 General This is a reprint of the Financial Advisers (Custodians of FMCA Financial Products) Amendment Regulations 2014 that incorporates all the amendments to those regulations as at the date of the last amendment to them.
2 Legal status Reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by any amendments to that enactment.

Section 18 of the Legislation Act 2012 provides that this reprint, published in electronic form, has the status of an official version under section 17 of that Act.

A printed version of the reprint produced directly from this official elec- tronic version also has official status.
3 Editorial and format changes Editorial and format changes to reprints are made using the powers under sec- tions 24 to 26 of the Legislation Act 2012.

See also http://www.pco.parlia- ment.govt.nz/editorial-conventions/.

4 Amendments incorporated in this reprint Financial Services Legislation Amendment Act 2019 (2019 No 8): section 97(2)(a) Wellington, New Zealand: Published under the authority of the New Zealand Government—2021 4