Financial Advisers Amendment Act 2009

1: Title
This Act is the Financial Advisers Amendment Act 2009.
2: Commencement
This Act comes into force on the day after the date on which it receives the Royal assent.
3: Principal Act amended
This Act Financial Advisers Act 2008 2009-07-28 Financial Advisers Act 2008
4: Meaning of financial advice clarified
Section 13(1) ; or
g: a disclosure statement for the purposes of the Retirement Villages Act 2003.
5: Individual who is QFE employee or agent
Section 17(1) qualified financial entity (the QFE QFE
6: Employer or principal of financial adviser must be registered
Section 18(1) or engages employs
7: Disclosure by qualifying financial entity
Section 26
1: This section applies—
a: if a financial adviser ( A
i: is not an authorised financial adviser; and
ii: is an employee or agent of a QFE; and
iii: performs a financial adviser service in relation to a category 2 product in the course of the QFE's business; or
b: if a financial adviser ( A
i: is not an authorised financial adviser; and
ii: is an employee of a QFE; and
iii: performs a financial adviser service in relation to a category 1 product of which the QFE is the issuer in the course of the QFE's business.
1A: In this section, the financial adviser service
a: subsection (1)﻿(a)﻿(iii)
b: subsection (1)﻿(b)﻿(iii)
8: New section 75 substituted
Section 75
75: Exemption from liability for employee or agent of QFE
1: This section applies to—
a: a financial adviser who—
i: is not an authorised financial adviser; and
ii: is an employee or agent of a QFE; and
iii: performs a financial adviser service in relation to a category 2 product in the course of the QFE's business; and
b: a financial adviser who—
i: is not an authorised financial adviser; and
ii: is an employee of a QFE; and
iii: performs a financial adviser service in relation to a category 1 product of which the QFE is the issuer in the course of the QFE's business.
2: A financial adviser to whom this section applies is exempt from liability under this Act for contravention of a financial adviser obligation.
9: Commissioner's approval of draft code
Section 88(3) subsection section
10: Investigation by Commission
Section 97(2) it investigate a complaint if
11: Content of disciplinary committee's notice of complaint
Section 100 Commission's disciplinary committee's
12: Offence of performing financial adviser service without being registered
Section 114(1) performs a financial adviser service without being registered , without being registered, performs a financial adviser service that under this Act only a registered financial adviser may perform
13: Right of appeal
Section 138(1)﻿(a)﻿(ii) 67(4): or 67(4); or
14: Territorial scope
Section 157 by a person in New Zealand,
15: New section 161A inserted
The following section is inserted immediately before section 162
161A: Financial Service Providers (Registration and Dispute Resolution) Act 2008 amended
1: This section amends the Financial Service Providers (Registration and Dispute Resolution) Act 2008.
2: Section 7(2)﻿(m) is amended by adding , except to the extent that an individual may be required to be registered in order to perform a financial adviser service under the Financial Advisers Act 2008
16: Securities Markets Act 1988 amended
Section 164(6)