Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698836537877.pdf (New Zealand)
2014/336 Financial Service Providers (Exemptions) Amendment Regulations 2014 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 sections 44(1)(ab) and 79(1)(a) of the Financial Service Providers (Registration and Dispute Resolution) Act 2008, His Ex- cellency the Governor-General makes the following regulations, act- ing— (a) on the advice and with the consent of the Executive Council; and on the recommendation of the Minister of Commerce and Con- sumer Affairs made in accordance with sections 44(1A) and 79(1A) of the Financial Service Providers (Registration and Dispute Resolution) Act 2008.
(b) Contents 1 2 3 Title Commencement Principal regulations Page 2 2 2 1 r 1 Financial Service Providers (Exemptions) Amendment Regulations 2014 2014/336 4 5 1 2 3 4 “5 Regulation 5 replaced (Exemption for financial services provided to related entities) 5 Exemption for financial services provided to related entities New regulation 14A inserted (Exemption for The Tindall Foundation) 14A Exemption for The Tindall Foundation 2 2 3 3 Regulations Title These regulations are the Financial Service Providers (Exemp- tions) Amendment Regulations 2014.
Commencement These regulations come into force on 1 December 2014.

Principal regulations These regulations amend the Financial Service Providers (Ex- emptions) Regulations 2010 (the principal regulations).
Regulation 5 replaced (Exemption for financial services provided to related entities) Replace regulation 5 with: Exemption for financial services provided to related entities “(1) A body corporate is exempt from the application of the Act in respect of a relevant service provided to— “(a) “(b) a related entity; or a limited partnership if the body corporate and the gen- eral partner are related bodies corporate.
In this regulation, a body corporate is related to an entity or another body corporate 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”.
In this regulation, entity has the meaning given in section 6(1) of the Financial Markets Conduct Act 2013.” “(2) “(3) 2 2014/336 Financial Service Providers (Exemptions) Amendment Regulations 2014 Explanatory note 5 New regulation 14A inserted (Exemption for The Tindall Foundation) After regulation 14, insert: “14A Exemption for The Tindall Foundation “(1) The Tindall Foundation is exempt from the application of the Act in respect of a financial service referred to in section 5(e) of the Act.
“(2) However, the exemption applies only if The Tindall Founda- tion— “(a) is exempted from the application of all of the provisions of the Anti-Money Laundering and Countering Finan- cing of Terrorism Act 2009; and “(b) does not provide credit under a consumer credit contract (as defined in section 11 of the Credit Contracts and Consumer Finance Act 2003).” 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 Service Providers (Exemptions) Regulations 2010 (the principal regulations).
Regulation 4 replaces regulation 5 of the principal regulations to amend the exemption given to bodies corporate for providing rele- vant services to related bodies corporate or to limited partnerships if the body corporate and the general partner are related bodies corpo- rate.

The amendment broadens the exemption beyond related bodies corporate to apply to related entities, as defined in the Financial Mar- kets Conduct Act 2013.
The amendment also makes clear that the definition of related in that Act is to apply to the exemption.

Regulation 5 inserts into the principal regulations a new exemption for The Tindall Foundation.

The exemption only applies when The 3 Explanatory note Financial Service Providers (Exemptions) Amendment Regulations 2014 2014/336 Tindall Foundation provides credit under a credit contract.
The ex- emption is conditional on The Tindall Foundation being exempted from the Anti-Money Laundering and Countering Financing of Ter- rorism Act 2009, and not providing credit under a consumer credit contract, as defined by section 11 of the Credit Contracts and Con- sumer Finance Act 2003.

Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 4 November 2014.

These regulations are administered by the Ministry of Business, Innovation, and Employment.
12 4 Wellington, New Zealand: Published under the authority of the New Zealand Government—2014