Plain language law

New Zealand law explained for everyone

Financial Service Providers (Registration and Dispute Resolution) Act 2008

Registration - Registration of financial service provider - Suspension of registration

22B: Suspension of registration

You could also call this:

“When and how your registration as a financial service provider can be paused”

If you are registered as a financial service provider, the Registrar can suspend your registration. This happens when the Registrar gets an order from certain people under specific laws.

When your registration is suspended, it can be for a set time or until you meet certain conditions. The longest it can be suspended is 12 months.

While your registration is suspended, it’s like you’re not registered at all. But sometimes, the FMA or the disciplinary committee might say this rule doesn’t apply for some things.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

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=LMS464642.

Topics:
Money and consumer rights > Banking and loans Money and consumer rights > Consumer protection Business > Industry rules Business > Fair trading
Previous

22A: Registrar must not reregister financial adviser if direction has been made, or

"The Registrar can't sign up a financial adviser again if they were told not to"

Next

22C: Registration of financial advisers, or

"How to sign up as a financial advisor, even if you're not the boss"

Part 2 Registration
Registration of financial service provider: Suspension of registration

22BSuspension of registration

  1. The Registrar must suspend the registration of a person (A) if the Registrar has received a direction under section 469(2)(c) or clause 46(3)(c) of Schedule 5 of the Financial Markets Conduct Act 2013.

  2. The suspension is in effect—

  3. for the period specified in the direction; or
    1. until A meets the conditions specified in the direction (but, in any case, not for a period of more than 12 months).

      1. A person whose registration is suspended is taken not to have that registration while it is suspended.

      2. However, the FMA or the disciplinary committee may specify in the direction that subsection (3) does not apply for specified purposes.

      Notes
      • Section 22B: inserted, on , by section 81 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).