Financial Markets Conduct Act 2013

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

218: Audit or review of registers

You could also call this:

"Checking company records to make sure they are correct"

Illustration for Financial Markets Conduct Act 2013

If you issue regulated products, you must make sure the registers you keep are audited or reviewed. This must be done by a qualified FMC auditor and in accordance with the prescribed requirements. You can find more information about infringement offences in subpart 5 of Part 8.

If you do not follow this rule, you can commit an offence and have to pay a fine of up to $50,000. This is a serious penalty, so it is essential to follow the rules.

The rules about infringement offences are explained in more detail in subpart 5 of Part 8, which you can refer to for more information.

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This page was last updated on 15 July 2025

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091242.

Topics:

Money and consumer rights > Banking and loansBusiness > Industry rulesBusiness > Fair trading

217: Contents of registers, or

"What information must be kept in a register when issuing regulated products"

219: Auditor must advise if auditor considers that subpart is not being complied with, or

"Auditors must report if they think the rules are being broken"

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

218Audit or review of registers

Every issuer of regulated products must ensure that registers kept by, or on behalf of, the issuer under this subpart are audited or reviewed in accordance with the prescribed requirements by a qualified FMC auditor.
An issuer that contravenes this section commits an offence and is liable on conviction to a fine not exceeding $50,000.
The offence in this section is an infringement offence (see subpart 5 of Part 8).

Compare

1978 No 103 s 51(6)

Notes

Section 218(1): amended, on 30 March 2025, by section 98 of the Regulatory Systems (Economic Development) Amendment Act 2025 (2025 No 11).