The Financial Advisers (Definitions, Voluntary Authorisation, Prescribed Entities, and Exemptions) Amendment Regulations 2014, which came into force on 1 April, amends the Financial Advisers (Definitions, Voluntary Authorisation, Prescribed Entities, and Exemptions) Regulations 2011 as follows:

  • the definition of ‘bank notice product’ (a category 2 product under the Financial Advisers Act 2008) has been amended by removing from the definition the requirement that the rate of interest or any other benefit provided does not alter as a result of a demand for repayment by the security holder; and
  • a minor amendment has been made to the definition of a cash or term portfolio investment entity in light of changes made by the Financial Markets Conduct Act 2013.