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Financial Service Providers (Registration and Dispute Resolution) Act 2008

Dispute resolution - Approval of dispute resolution schemes - Rules about approved dispute resolution scheme

66: Minister's consideration of change of rules

You could also call this:

“The Minister decides if changes to dispute resolution rules are okay”

When someone in charge of a dispute resolution scheme wants to change the rules, they must tell the Minister. The Minister then has to decide what to do.

The Minister can do one of two things. They can say “yes” to the change, or they can say the change isn’t good enough. If the Minister says it’s not good enough, it’s because the change doesn’t follow the right principles or meet certain requirements.

If the Minister says the change isn’t good enough, the rule change can’t happen.

The Minister has 45 working days to make their decision after they’re told about the change. But sometimes, the Minister might need more time. They can ask for more information, and then they get another 45 days after they get that information. Or, they can tell the person in charge of the scheme that they need more time, and say how long it will take.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1109581.

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65: Duty to notify change to rules, or

"You must tell the Minister if you want to change how your dispute scheme works"

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Part 3 Dispute resolution
Approval of dispute resolution schemes: Rules about approved dispute resolution scheme

66Minister's consideration of change of rules

  1. After receiving a notification under section 65, the Minister must notify the person responsible for a scheme that the Minister—

  2. approves the change; or
    1. considers the proposed change is not adequate and does not comply with—
      1. the principles listed in section 52(2); and
        1. the requirements of section 63.

        2. If subsection (1)(b) applies, the rule change must not be made.

        3. The Minister must comply with subsection (1) within 45 working days of the notification of the change of rules unless the Minister, within those 45 working days,—

        4. requests further information from the person responsible for the scheme (in which case, the Minister must comply with subsection (1) within 45 working days after receipt of that further information); or
          1. advises the person responsible for the scheme that a period of more than 45 working days is required to consider the change (in which case, the Minister must specify the time within which he or she will comply with subsection (1)).

            Notes
            • Section 66(1): amended, on , by section 37(1) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
            • Section 66(3): replaced, on , by section 37(2) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).