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Financial Markets Conduct Act 2013

Licensing and other regulation of market services - Additional regulation of financial advice and financial advice services - Interpretation

431D: When financial advice service is provided

You could also call this:

"When you give money advice to clients as part of your business"

Illustration for Financial Markets Conduct Act 2013

You provide a financial advice service if you are in business and you either get someone else to give financial advice to your clients for you, or you give financial advice to your clients yourself. When you do this, you are giving what is called regulated financial advice to people who are your clients. This rule has an exception that is explained in section 562(1)(gc).

You are considered to be providing a financial advice service when you are doing this as part of your normal business activities. This can happen in two ways: you might get someone else to give advice to your clients, or you might give the advice yourself. Either way, you are providing a financial advice service to your clients.

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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=LMS465788.

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Part 6Licensing and other regulation of market services
Additional regulation of financial advice and financial advice services: Interpretation

431DWhen financial advice service is provided

  1. A person (P) provides a financial advice service if, in the ordinary course of P’s business,—

  2. P engages 1 or more other persons to give regulated financial advice to P’s clients on P’s behalf; or
    1. P gives regulated financial advice to P’s clients on P’s own account.

      1. Subsection (1) is subject to a declaration under section 562(1)(gc).

      Notes
      • Section 431D: inserted, on , by section 29 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).