What we don't do - and Who else may be able to help you

• Interpretations of law
• Registration of prospectuses
• Licensing of intermediaries
• Licensing of fund managers
• Competition policy - fair trading
• Consumer information
• Banking services complaints
• Insurance and savings complaints
• Stock market enquiries
• Futures market enquiries
• Making investment decisions

Matters the Securities Commission does not deal with, but frequently receives enquiries about, are set out here. Where possible we have given hypertext links to organisations who may be able to help you.

Interpretations of law

The Commission does not give binding interpretations on the law relating to securities - that is for the Court.

The Commission does not advise members of the public on securities law. You should seek advice from a lawyer in private practice.

Registration of prospectuses

The Companies Office of the Ministry of Economic Development administers the registration of corporate bodies and corporate documents including companies, incorporated societies, building societies, unit trusts, charitable trusts, friendly societies and credit unions.

The Companies Office has offices in Auckland, Hamilton, Wellington and Christchurch. For information about registering a prospectus contact the Auckland office phone 09 916 4558.

Information about the Companies Office and its services is available from www.companies.govt.nz

Licensing of intermediaries

A registration and licensing regime for financial advisers is currently being implemented.

From 31 March 2011 financial advisers must be registered on the Financial Service Providers Register (FSPR) operated by the Companies Office, part of the Ministry of Economic Development.

From 1 July 2011 financial advisers who provide a personalised service to a retail client are required to be authorised under the Financial Advisers Act. Under the Act the Securities Commission is the regulator for financial advisers. It will license and monitor authorised financial advisers (AFAs) and qualifying financial entities (QFEs) and take action to promote compliance with financial adviser law.

For further information see Financial Adviser Regulation.

Sharebrokers require a sharebroker's licence issued by the District Court. Once the Financial Advisers Act is fully in force the Sharebrokers Act 1908 will be repealed.

Futures dealers who are accredited as futures and options participants of NZX can rely on a class exemption allowing them to deal in futures contracts under the Securities Markets Act 1988. Other futures dealers must be authorised by the Securities Commission.

Contributory mortgage brokers must be registered at the Companies Office.

Licensing of fund managers

Fund managers are not generally subject to licensing or registration in New Zealand. Trading banks must register with the Reserve Bank of New Zealand.

Competition policy - fair trading

The Commerce Commission enforces the Commerce Act 1986 by:

• investigating conduct which may breach the Commerce Act 1986 and taking enforcement action if necessary;
• determining whether certain restrictive trade practices should be authorised because they are of public benefit;
• determining applications for business acquisitions;
• reporting to the Minister of Commerce on the need for price control for particular goods or services;
• determining prices for controlled goods or services;
• providing advice to the business community and other groups on the requirements and effects of the Act.

The Commerce Commission encourages compliance with the Fair Trading Act 1986 by providing information on the law relating to misleading and deceptive conduct, unfair trading practices and consumer information and by taking action against traders who break the law.

The Electricity Industry Reform Act 1998 gave the Commerce Commission additional enforcement and adjudication roles in the electricity industry.

Contact the Commerce Commission at:

www.comcom.govt.nz

We believe the Commerce Act and the Fair Trading Act apply in principle to securities markets and securities trading.

Consumer information

The Ministry of Consumer Affairs provides:

• consumer information and education
• policy advice to Government

and investigates:

• the safety of products, including electrical and gas safety
• the use of correct weights and measures.

The Ministry lists scams known to be circulating in New Zealand at
www.consumer-ministry.govt.nz/scamwatch/

The Ministry of Consumer Affairs can be contacted at www.consumer-ministry.govt.nz

Banking services complaints

The Banking Ombudsman:

• provides free, independent and impartial dispute resolution services for complaints about banking services by participating banks;
• deals with complaints about banking services normally transacted through bank branches or by telephone or electronically, including complaints about bank credit cards and products sold by banks such as insurance and savings schemes;
• can award compensation to cover direct losses of up to $100,000, inconvenience of up to $2,000 and some costs.

All major registered banks participate in the scheme.

The Banking Ombudsman can be contacted at www.bankombudsman.org.nz

Insurance and savings complaints

Stock market enquiries

New Zealand Exchange Limited (NZX) can be contacted at www.nzx.com

Futures market enquiries

There are two futures exchanges authorised under the Securities Markets Act 1988. These are the Sydney Futures Exchange (SFE) and the New Zealand Futures and Options Exchange (NZFOE). Since March 2004 all NZFOE products are traded on SFE. For more information see www.sfe.com.au.

Making investment decisions

The Securities Commission does not give specific investment advice.

Its role is to see that potential investors have all the information they need to make wise investment decisions.

See Choosing an investment advisor and Your right to know

Information on investing and related issues is available at www.sorted.org.nz