449Part 6 services provisions

1. All of the provisions specified in subsections (3) and (4) are Part 6 services provisions.

2. A contravention of any of the provisions listed in subsection (3) may give rise to civil liability (see subpart 3 of Part 8), including a pecuniary penalty not exceeding the greatest of the consideration for the relevant transaction, 3 times the amount of the gain made or the loss avoided, and $1 million in the case of an individual or $5 million in any other case.

3. The provisions are the following:

4. section 388 (when provider of market services needs to be licensed):
5. section 391 (prohibitions on holding out):
6. section 427(2), (3), and (6) (false or misleading statements and omissions):
7. section 430 (need for client agreement):
8. section 431 (contents, form, and effect of client agreement):
9. section 431P, to the extent that a person may be civilly liable for a contravention of the provision under section 431H (false or misleading statements and omissions):
10. section 431Y (false or misleading statements and omissions):
11. section 445 (requirements for custodian):
12. section 446 (certain client money or property service obligations under subpart 5B apply to DIMS licensees and custodians):
13. sections 446G, 446H, and 446I (duties to have effective fair conduct programme, to make information about it publicly available, and to comply with it):
14. section 446K (financial institution’s duty to comply with incentives regulations):
15. section 446L (intermediary’s duty to comply with incentives regulations):
16. section 446V(3)(b) (Lloyd’s managing agent’s duties relating to its fair conduct programme).

17. A contravention of any of the following may give rise to civil liability (see subpart 3 of Part 8), including a pecuniary penalty not exceeding $200,000 in the case of an individual or $600,000 in any other case:

18. section 411 (licensee must deliver reports to FMA):
19. section 412 (licensee must report certain matters):
20. section 417 (action plan):
21. section 418 (approval, amendment, or rejection of action plan):
22. section 420 (directions):
23. section 423 (disclosure must be made to retail investor):
24. section 426A (further prescribed information to be made available):
25. section 427(4) or (5) (failure to provide a new disclosure statement):
26. section 431F (limitation on who can give regulated financial advice to retail clients on behalf of financial advice provider):
27. section 431G (prohibitions on holding out in relation to giving financial advice):
28. sections 431I to 431O, to the extent that a person may be civilly liable for a contravention of the provision under section 431H (duties on persons giving regulated financial advice):
29. sections 431Q, 431R, and 431T(5) (additional duties on financial advice providers and interposed persons that engage others to give advice):
30. section 431X (client money or property service disclosure obligations):
31. sections 431ZA and 431ZB (client money or property service conduct obligations):
32. sections 431ZC to 431ZH (obligations for handling client money and client property):
33. sections 433 to 435 (duties of DIMS licensee and of directors and senior managers of DIMS licensee):
34. section 437 (requirement for agreed investment authority):
35. section 438 (action that must be taken on limit breaks):
36. section 440 (general prohibition on transactions giving related party benefits):
37. section 448C, 448D, or 448G (directions to a contributor or an administrator of a financial benchmark):
38. section 449A (requirements relating to exemption for Lloyd’s underwriters):
39. those conditions imposed on a market services licence by the regulations that are stated by those regulations to be Part 6 services provisions:
40. those provisions of the regulations made under subpart 7 that are stated by those regulations to be Part 6 services provisions.