Financial Service Providers (Registration and Dispute Resolution) Act 2008

Registration - Registration of financial service provider - Application for registration as financial service provider

15A: Purpose of FMA's powers relating to registration

You could also call this:

"The FMA can stop people from registering as financial providers if it might mislead others"

The Financial Markets Authority (FMA) has powers to stop someone from registering as a financial service provider. These powers are meant to prevent people from creating a false or misleading impression about their business. The FMA can step in if they think someone's registration might:

Make it look like they provide more financial services in New Zealand than they really do.

Make it seem like they have a place of business in New Zealand when they don't.

Give the wrong idea that New Zealand laws regulate their financial services.

The FMA can also stop registration if they think it might harm the reputation of New Zealand's financial markets or the laws that govern these markets.

These rules help protect New Zealand's financial system and make sure it stays honest and trustworthy.

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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=DLM6197829.


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15: Application to be registered as financial service provider, or

"How to sign up as a money helper"


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15B: FMA may prevent registration of financial service provider, or

"The FMA can stop you from becoming a registered financial service provider"

Part 2Registration
Registration of financial service provider: Application for registration as financial service provider

15APurpose of FMA's powers relating to registration

  1. The purpose of section 15B is to prevent a person (A) from being registered as a financial service provider if such registration has, will have, or is likely to have the effect of—

  2. creating, or causing the creation of, a false or misleading appearance with respect to the extent to which A—
    1. provides, or will provide, financial services in New Zealand; or
      1. provides, or will provide, financial services from a place of business in New Zealand; or
        1. is, or will be, regulated by New Zealand law in relation to a financial service; or
        2. otherwise damaging the integrity or reputation of—
          1. New Zealand's financial markets; or
            1. New Zealand's law or regulatory arrangements for regulating those markets.
            Notes
            • Section 15A: inserted, on , by section 15 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).