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Financial Markets Conduct Act 2013

Governance of financial products - Registers and keeping copies of documents - Registers

215: Issuers must keep registers of regulated products

You could also call this:

"Companies that sell special financial products must keep a list of what they sell."

Illustration for Financial Markets Conduct Act 2013

If you issue regulated products, you must keep a record of them. You can find out how to keep this record in section 216. This record must include all the regulated products you issue, as well as other financial products that are similar to them. You must also keep a record of other financial products you issue, if the regulations say you have to.

You do not have to keep a record of some financial products, such as certain derivatives or prescribed financial products. There may also be other situations where you do not have to keep a record. If you issue derivatives that do not have to be recorded, you must still follow any special rules that apply to them.

If you do not keep the records you are supposed to, you can be fined up to $50,000. This is considered an infringement offence, which you can read more about in subpart 5 of Part 8.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091239.

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Part 4Governance of financial products
Registers and keeping copies of documents: Registers

215Issuers must keep registers of regulated products

  1. Every issuer of regulated products must ensure that there is kept, in the manner specified in section 216,—

  2. a register of those regulated products and of all financial products that are of the same class as those regulated products of which it is the issuer; and
    1. a register of other financial products of which it is the issuer that is required to be kept by the regulations.

      1. However, subsection (1) does not apply—

      2. to derivatives (unless those derivatives are of a prescribed type); or
        1. to prescribed financial products; or
          1. otherwise in the prescribed circumstances.

            1. If subsection (1) does not apply to derivatives of a particular type, the issuer must comply with the requirements prescribed for the purposes of this subsection (if any).

            2. An issuer that contravenes this section commits an offence and is liable on conviction to a fine not exceeding $50,000.

            3. The offence in this section is an infringement offence (see subpart 5 of Part 8).

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