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Financial Service Providers (Registration and Dispute Resolution) Act 2008

Registration - Registration of financial service provider

14: Disqualified person

You could also call this:

“Who can't be registered because of past actions or current situations”

You can be disqualified from being registered under this law if you’re an individual who meets certain conditions, or if you’re not an individual but have a controlling owner, director, or senior manager who meets these conditions.

You’re disqualified if you’re bankrupt or in a similar situation in another country. You’re also disqualified if you’re not allowed to be a director or manager of a company under certain New Zealand laws.

If you’ve been banned from managing a company or have been convicted of certain crimes in the last five years, you’re disqualified. These crimes include dishonesty, money laundering, or supporting terrorism.

You’re disqualified if you’ve been deregistered or been a director of a deregistered entity in the past year. You’re also disqualified if you’re subject to a forfeiture order under a specific New Zealand law or a similar order in another country.

If you’re a member of a local authority, these disqualifications don’t apply to you.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1109511.

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Part 2 Registration
Registration of financial service provider

14Disqualified person

  1. A person is disqualified if,—

  2. in the case of an individual, the individual is disqualified under subsection (2); or
    1. in the case of a person who is not an individual, the person has a controlling owner, director, or senior manager who is disqualified under subsection (2).

      1. The following persons are disqualified:

      2. an undischarged bankrupt, or a person who has a substantially similar status in a country, State, or territory outside New Zealand:
        1. a person prohibited from being a director or promoter of, or concerned in the management of, an incorporated or unincorporated body under the Companies Act 1993, the Financial Markets Conduct Act 2013, or the Takeovers Act 1993:
          1. a person subject to a management banning order under the Financial Markets Conduct Act 2013, the Takeovers Act 1993, or subject to an order under section 108 of the Credit Contracts and Consumer Finance Act 2003:
            1. a person who is prohibited from 1 or more of the following under an order made, or a notice given, under a law of a country, State, or territory outside New Zealand that is prescribed for the purposes of section 151(2)(eb) of the Companies Act 1993:
              1. being a director of a body corporate incorporated outside New Zealand (an overseas company):
                1. being a promoter of an overseas company:
                  1. being concerned in or taking part in the management of an overseas company:
                  2. a person who has been convicted of an offence against section 11, 12, or 41 within the past 5 years:
                    1. a person who, within the past year, has been deregistered, or been a director or senior manager of an entity that has been deregistered, under section 18(1)(ca):
                      1. a person who has been convicted of a crime involving dishonesty as defined in section 2(1) of the Crimes Act 1961 within the past 5 years:
                        1. a person who has been convicted within the past 5 years, in a country, State, or territory outside New Zealand, of an offence that is substantially similar to an offence specified in paragraph (e):
                          1. a person who has been convicted of a money laundering offence or an offence relating to the financing of, or provision of material support for, terrorism, whether in New Zealand or elsewhere:
                            1. a person who is subject to a forfeiture order under the Criminal Proceeds (Recovery) Act 2009 or to a substantially similar order in a country, State, or territory outside New Zealand.

                              1. A member of a local authority must be treated as if he or she is not disqualified.

                              Notes
                              • Section 14(2)(a): replaced, on , by section 73(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                              • Section 14(2)(b): amended, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                              • Section 14(2)(c): amended, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                              • Section 14(2)(ca): inserted, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                              • Section 14(2)(da): inserted, on , by section 73(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                              • Section 14(2)(e): amended, on , by section 4 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2015 (2015 No 102).
                              • Section 14(2)(ea): replaced, on , by section 73(3) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                              • Section 14(2)(f): replaced, on , by section 57 of the Counter-Terrorism Legislation Act 2021 (2021 No 37).
                              • Section 14(2)(g): replaced, on , by section 73(4) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).