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Financial Service Providers (Registration and Dispute Resolution) Act 2008

Registration - Miscellaneous

44: Regulations under Part 1 and this Part

You could also call this:

“Rules for managing financial services and providers”

The Governor-General can make rules about financial services with the Minister’s recommendation. These rules can:

  • Define what counts as insurance
  • Specify what financial services are covered by this law
  • Set out when the law doesn’t apply to certain services or people
  • Explain what information needs to be given when applying for registration
  • Require warnings to be given about registered financial service providers
  • Set up how the register of financial service providers works
  • Decide which agencies can access information for checking money laundering
  • Set fees for using the register

The Minister must make sure these rules help the law work properly and protect New Zealand’s financial markets. The rules also need to balance the costs of following the law with its benefits.

The Registrar can refuse to do something until a fee is paid. Fees can be refunded or waived in some cases. If someone doesn’t pay a fee, the Registrar can take them to court to get the money.

These rules are called ‘secondary legislation’, which means they have to be published in a certain way.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1109552.

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Part 2 Registration
Miscellaneous

44Regulations under Part 1 and this Part

  1. The Governor-General may, by Order in Council on the recommendation of the Minister, make regulations for all or any of the following purposes:

  2. declaring a class of contract to be a contract of insurance for the purposes of this Act:
    1. prescribing a financial service for the purposes of section 5(1)(ma) or (n):
      1. prescribing circumstances for the purposes of section 7A(1)(d):
        1. prescribing a threshold or thresholds for the purposes of section 7A(2)(c) and the circumstances in which that paragraph does not apply:
          1. exempting any service or person or class of service or persons from the application of this Act, and prescribing the terms and conditions (if any) of the exemption:
            1. providing for the circumstances in which section 12A applies and prescribing terms and conditions for the purposes of that section:
              1. specifying information or documents to be included in, or provided with, applications or other documents required under this Act, and requiring documents to be signed by specified persons:
                1. prescribing information to be provided under section 16(1A), the time or times at which that information must be provided, and other matters relating to the manner in which the information is provided:
                  1. specifying warnings or other information about, or in connection with, the registration of a financial service provider that must be included in advertising for the service, in information or documents provided to persons who receive or may receive the service, or otherwise in information or documents of the classes specified in the regulations (for example, a warning that registration does not mean that the provider is subject to active regulation or oversight):
                    1. prescribing the circumstances in which the duty referred to in paragraph (bb) applies and the manner in which the duty must be carried out:
                      1. providing for matters referred to in section 22D(4):
                        1. prescribing procedures, requirements, and other matters, not inconsistent with this Part or with the purposes described in section 26, relating to the register, including matters that relate to—
                          1. the operation of the register:
                            1. the information or documents to be contained in the register:
                              1. access to the register:
                                1. search criteria for the register:
                                  1. fees that may be payable in order to search the register:
                                  2. prescribing either of the following types of agency:
                                    1. an agency that carries out supervisory or enforcement functions relating to money laundering or terrorist financing for the purposes of section 34; or
                                      1. an overseas agency that is the equivalent of the Registrar or of a body referred to in section 34(4)(a) to (c) for the purposes of section 34:
                                      2. prescribing fees payable to the Registrar in respect of any matter under this Act or the manner in which fees may be calculated:
                                        1. providing for any other matters contemplated by Part 1 or by this Part, necessary for its administration, or necessary for giving it full effect.

                                          1. The Minister must, before making a recommendation under subsection (1)(aaa), be satisfied that the regulations are necessary or desirable—

                                          2. to promote 1 or more of the purposes of this Act as specified in section 2A, 9, or 47; and
                                            1. to protect, or prevent damage to, the integrity or reputation of—
                                              1. New Zealand’s financial markets; or
                                                1. New Zealand’s law or regulatory arrangements for regulating those markets.

                                                2. The Minister must, in relation to a recommendation under subsection (1)(ab),—

                                                3. before making a recommendation, have regard to New Zealand's obligations under the FATF Recommendations; and
                                                  1. not make the recommendation unless the Minister is satisfied that the costs of compliance with this Act would be unreasonable or not justified by the benefit of compliance.

                                                    1. Information or documents may be prescribed under subsection (1)(b) or (c)(ii) for either or both of the following purposes (whether or not that information or documentation is collected or contained in the register for the purposes of this Part):

                                                    2. the purpose of assisting any person in the exercise of the person’s powers or the performance of the person’s functions or duties under this Act or any other relevant legislation:
                                                      1. the purpose of assisting a Minister, a department of State, or the Reserve Bank of New Zealand in administering this Act or any other relevant legislation.

                                                        1. In subsection (2), other relevant legislation means any of the following:

                                                        2. any licensing enactment:
                                                          1. any financial markets legislation:
                                                            1. the Credit Contracts and Consumer Finance Act 2003.

                                                              1. Subsection (2) does not limit subsection (1)(b) or (c).

                                                              2. The Registrar may refuse to perform a function or exercise a power until a prescribed fee or levy is paid.

                                                              3. Any Order in Council made under subsection (1)(e) may—

                                                              4. prescribe the method of payment of a fee; and
                                                                1. authorise the Registrar to refund or waive, in whole or in part and on any prescribed conditions, payment of a fee in relation to any person or class of persons.

                                                                  1. Any fee or amount payable to the Registrar is recoverable by the Registrar in any court of competent jurisdiction as a debt due to the Registrar.

                                                                  2. Regulations under this section are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

                                                                  3. If the regulations authorise the Registrar under subsection (4)(b) to grant refunds or waivers in respect of a class of persons,—

                                                                  4. the instrument granting the refund or waiver is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements); and
                                                                    1. the regulations must contain a statement to that effect.

                                                                      Notes
                                                                      • Section 44(1): amended, on , by section 24(1) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
                                                                      • Section 44(1)(aa): inserted, on , by section 24(2) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
                                                                      • Section 44(1)(a): amended, on , by section 88(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                                                                      • Section 44(1)(aaa): inserted, on , by section 88(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                                                                      • Section 44(1)(aab): inserted, on , by section 88(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                                                                      • Section 44(1)(ab): inserted, on , by section 24(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
                                                                      • Section 44(1)(ac): inserted, on , by section 88(3) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                                                                      • Section 44(1)(b): amended, on , by section 88(4) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                                                                      • Section 44(1)(ba): inserted, on , by section 88(5) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                                                                      • Section 44(1)(bb): inserted, on , by section 88(5) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                                                                      • Section 44(1)(bc): inserted, on , by section 88(5) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                                                                      • Section 44(1)(bd): inserted, on , by section 88(5) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                                                                      • Section 44(1AA): inserted, on , by section 88(6) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                                                                      • Section 44(1A): inserted, on , by section 24(4) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
                                                                      • Section 44(2): replaced, on , by section 88(7) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                                                                      • Section 44(2A): inserted, on , by section 88(7) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                                                                      • Section 44(2B): inserted, on , by section 88(7) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                                                                      • Section 44(3): amended, on , by section 24(5) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
                                                                      • Section 44(6): inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).
                                                                      • Section 44(7): inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).