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Financial Adviser and Broker Regulation in New Zealand

Financial Adviser and Broker Regulation in New Zealand

Author: Gordon Walker; Alma Pekmezovic
Publisher: CCH New Zealand
ISBN: 9780864758613
Published In: November 2010
Format: Paperback
Jurisdiction: New Zealand ? Disclaimer:
Countri(es) stated herein are used as reference only

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In 2008, following finance company collapses and the introduction of KiwiSaver, the New Zealand Government passed the Financial Advisers Act 2008 and the Financial Service Providers (Registration and Dispute Resolution) Act 2008 with the aim of improving the quality of investment advice available to the New Zealand consumer. The legislation was substantially reworked in 2010 with the enactment of the Financial Advisers Amendment Act 2010 and the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010.

A rigorous regulatory regime is now in place setting high standards of competency, accountability and disclosure for financial advisers and brokers. This regime will have a considerable impact on the financial services industry, bringing with it a set of extensive compliance burdens. The New Zealand Securities Commission has estimated that about 23,000 industry participants will be affected.

Financial Adviser and Broker Regulation in New Zealand is an essential resource for industry participants, providing a map of the new regime and key source materials in one place. It contains commentary on the key aspects of the new regulatory quilt, the two principal statutes, and the Code of Professional Conduct for Authorised Financial Advisers. Lawyers and accountants will also find this guidebook a useful point of departure and reference.

Contents Includes:

Part 1: Commentary

Overview
The Financial Service Providers Act: registration and dispute resolution
Financial service and financial product
Disclosure obligations
Conduct obligations
Offences
Enforcement powers of the Commission

Part 2: Legislation

Financial Service Providers (Registration and Dispute Resolution) Act 2008
Financial Service Providers (Registration) Regulations 2010
Financial Service Providers (Fees and Levy) Regulations 2010
Financial Service Providers and Financial Advisers Transitional Regulations 2010
Financial Advisers Act 2008
Financial Advisers (Fees) Regulations 2010

Part 3: Code

Code of Professional Conduct for Authorised Financial Advisers
Case Table
Legislation Finding List

Professor Gordon Walker SJD (Duke) is Professor of Commercial Law at La Trobe University School of Law, Melbourne, Australia where he is also Director of the LLM in Global Business Law and the LLM for International Students programs. He has published widely on securities regulation and corporate law.

Dr Alma Pekmezovic PhD (La Trobe) is a Lecturer in Law at La Trobe University School of Law. She is the author of a number of journal articles in the areas of corporate law, corporate governance and stock exchange regulation.