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Financial Markets Conduct Act 2013

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

221: Public inspection of register

You could also call this:

"People can look at your business records if they need to, but only in certain situations."

Illustration for Financial Markets Conduct Act 2013

If you issue regulated products, you must make sure people can inspect your registers in a certain way, as explained in section 222. This means you have to keep your registers available for inspection. However, there are some exceptions to this rule, such as for certain types of investment products or derivatives.

You do not have to make these registers available for inspection by just anyone, but you do have to make them available to certain people, like supervisors or scheme participants, if they ask to see them and follow the right process, as explained in section 222. If you do not follow this rule, you can get in trouble and have to pay a fine of up to $50,000.

This fine is for a type of offence called an infringement offence, which is explained in more detail 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=DLM4091246.

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

221Public inspection of register

  1. Every issuer of regulated products must ensure that every register kept by, or on behalf of, the issuer under this subpart is available for inspection in the manner referred to in section 222.

  2. Subsection (1) does not apply—

  3. to a register of managed investment products in respect of a superannuation scheme, workplace savings scheme, or KiwiSaver scheme:
    1. to a register of derivatives:
      1. in the prescribed circumstances.

        1. However,—

        2. a register of managed investment products in respect of a superannuation scheme, workplace savings scheme, or KiwiSaver scheme must be available for inspection by the supervisor in the manner referred to in section 222 if the supervisor serves written notice on the issuer of intention to inspect:
          1. the part of a register of managed investment products in respect of a superannuation scheme, workplace savings scheme, or KiwiSaver scheme that concerns financial products of a particular scheme participant must be available for inspection by the scheme participant in the manner referred to in section 222 if the scheme participant serves written notice on the issuer of intention to inspect:
            1. the part of a register of derivatives that concerns derivatives entered into by a particular person must be available for inspection by the person in the manner referred to in section 222 if the person serves written notice on the issuer of intention to inspect.

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

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

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