Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698837067559.pdf (New Zealand)
Reprint as at 15 March 2021 Financial Advisers (Definitions, Voluntary Authorisation, Prescribed Entities, and Exemptions) Amendment Regulations (No 2) 2014 (LI 2014/330) Financial Advisers (Definitions, Voluntary Authorisation, Prescribed Entities, and Exemptions) Amendment Regulations (No 2) 2014: revoked, on 15 March 2021, pursuant to section 97(2)(b) 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(1)(a), (d), and (e) of the Financial Advisers Act 2008, His Excellency the Governor-General makes the following regulations, acting— on the advice and with the consent of the Executive Council; and on the recommendation of the Minister of Commerce and Consumer Affairs made after— (i) consulting the Financial Markets Authority in accordance with section 154(4) of that Act; and (ii) being satisfied of the matters set out in section 154(5) of that Act.
(a) (b) 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.
1 Financial Advisers (Definitions, Voluntary Authorisation, Prescribed Entities, and Exemptions) Amendment Regulations (No 2) 2014 Reprinted as at 15 March 2021 Contents Title Commencement Principal regulations Regulation 5 amended (Meaning of investment-linked contract of insurance) Regulation 7B amended (Bank notice product is category 2 product) Regulation 11 replaced (Exemption for financial adviser services in relation to workplace financial product for related entity employees) 11 Exemption for financial adviser services in relation to workplace financial product for related entity employees Page 2 2 2 2 2 3 3 1 Title Regulations These regulations are the Financial Advisers (Definitions, Voluntary Authorisa- tion, Prescribed Entities, and Exemptions) Amendment Regulations (No 2) 2014.
2 3 4 (1) (2) Commencement These regulations come into force on 1 December 2014.

Principal regulations These regulations amend the Financial Advisers (Definitions, Voluntary Authorisation, Prescribed Entities, and Exemptions) Regulations 2011 (the principal regulations).

Regulation 5 amended (Meaning of investment-linked contract of insurance) Replace regulation 5(2) with: In subclause (1), pure risk contract of insurance has the meaning set out in section 9(3) of the Financial Markets Conduct Act 2013.
(2) Revoke regulation 5(3).

5 Regulation 7B amended (Bank notice product is category 2 product) In regulation 7B(3), after “investment statement”, insert “or terms of issue”.
2 Reprinted as at 15 March 2021 Financial Advisers (Definitions, Voluntary Authorisation, Prescribed Entities, and Exemptions) Amendment Regulations (No 2) 2014 Explanatory note 6 11 Regulation 11 replaced (Exemption for financial adviser services in relation to workplace financial product for related entity employees) Replace regulation 11 with: Exemption for financial adviser services in relation to workplace financial product for related entity employees (1) A body corporate is exempt from the application of the Act in respect of a rele- vant service provided to an employee of— (a) (b) a related entity; or a limited partnership if the body corporate and the general partner are related bodies corporate.
(2) (3) For the purposes of subclause (1), relevant service (which is defined in section 5 of the Act) is limited to a service provided in connection with a financial product made available through an employee’s workplace.
In this regulation, a body corporate is related to an entity or another body cor- porate if it is related to it within the meaning of section 12(2) of the Financial Markets Conduct Act 2013, where, if subclause (1)(a) applies, a reference to “another body corporate” is taken to be a reference to “an entity”.

(4) In this regulation, entity has the meaning given in section 6(1) of the Financial Markets Conduct Act 2013.

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 (Definitions, Voluntary Authorisation, Prescribed Entities, and Exemptions) Regulations 2011 (the principal regulations).
Regulation 4 amends the definition of pure risk contract of insurance in the principal regulations so that the definition aligns with that in the Financial Markets Conduct Act 2013.

Regulation 5 makes a minor amendment to regulation 7B(3) of the principal regula- tions, in order to clarify that the rights and requirements of the definition of PIE call fund unit may be described in a specified unit’s terms of issue.
Regulation 6 replaces regulation 11 of the principal regulations to amend the exemp- tion given to bodies corporate for providing relevant services to related bodies corpo- rate or to limited partnerships if the body corporate and the general partner are related bodies corporate.
The amendment broadens the exemption beyond related bodies cor- 3 Explanatory note Financial Advisers (Definitions, Voluntary Authorisation, Prescribed Entities, and Exemptions) Amendment Regulations (No 2) 2014 Reprinted as at 15 March 2021 porate to apply to related entities, as defined in the Financial Markets Conduct Act 2013.

The amendment also makes clear that the definition of related in that Act is to apply to the exemption.

Issued under the authority of the Legislation Act 2012.
Date of notification in Gazette: 4 November 2014.

4 Reprinted as at 15 March 2021 Financial Advisers (Definitions, Voluntary Authorisation, Prescribed Entities, and Exemptions) Amendment Regulations (No 2) 2014 Notes Reprints notes 1 General This is a reprint of the Financial Advisers (Definitions, Voluntary Authorisa- tion, Prescribed Entities, and Exemptions) Amendment Regulations (No 2) 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)(b) Wellington, New Zealand: Published under the authority of the New Zealand Government—2021 5