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Financial Service Providers (Registration and Dispute Resolution) Act 2008

Registration - Requirements for registration and being member of approved dispute resolution scheme and prohibition against holding out

12A: Registration for certain overlapping services not required

You could also call this:

“You don't need to sign up twice for some money-related jobs if you're already signed up for similar work”

You don’t need to register for some financial services if you’re already registered for certain other services. This applies when:

You are registered for specific financial services listed in the law. These include services like being a financial adviser, a derivatives issuer, or a crowdfunding service provider.

You also provide other financial services, but only as a normal part of the service you’re already registered for. These other services might include things like trading financial products or providing credit under a credit contract.

There are rules that say this section applies to your situation.

You follow any conditions that are set out in the rules.

If all of these things are true, then:

You don’t have to register separately for the additional financial services you provide.

You’re allowed to tell people that you can provide these additional services.

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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=LMS464590.

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Part 2 Registration
Requirements for registration and being member of approved dispute resolution scheme and prohibition against holding out

12ARegistration for certain overlapping services not required

  1. This section applies if—

  2. a person (A) is registered for a financial service referred to in section 5(1)(a) to (c), (e), (ia)(ii) or (iii), (ib) to (id), (l), (m), or (ma); and
    1. A also provides a financial service referred to in section 5(1)(d), (f), (g), (h), (i), (ia)(i), (j), or (k), but only in the ordinary course of providing the service for which A is registered as referred to in paragraph (a); and
      1. regulations provide for this section to apply in the circumstances in which A provides the service; and
        1. A complies with the terms and conditions (if any) prescribed for the purposes of this section.

          1. A—

          2. is not required to be registered for the financial service referred to in subsection (1)(b); and
            1. is not prevented from holding out that A is entitled, qualified, able, or willing to be in the business of providing that financial service.

              Notes
              • Section 12A: inserted, on , by section 72 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).