Financial Advisers (Australian Licensees) Exemption Amendment Notice 2013

2013/287

Coat of Arms of New Zealand

Financial Advisers (Australian Licensees) Exemption Amendment Notice 2013

Pursuant to section 148A(1) of the Financial Advisers Act 2008, the Financial Markets Authority gives the following notice (to which is appended a statement of reasons of the Financial Markets Authority).

Notice

1 Title
  • This notice is the Financial Advisers (Australian Licensees) Exemption Amendment Notice 2013.

2 Commencement
  • This notice comes into force on 28 June 2013.

3 Principal notice
4 Clause 3 replaced (Expiry)
  • Replace clause 3 with:

    3 Revocation
    • This notice is revoked on the close of 31 May 2018.

5 Clause 6 amended (Conditions of exemptions)
  • In clause 6(k), replace upon request with within 15 working days of receipt of a request from FMA.

Dated at Wellington this 24th day of June 2013.

Sue Brown,
Head of Primary Regulatory Operations.


Statement of reasons

This notice, which comes into force on 28 June 2013, amends the Financial Advisers (Australian Licensees) Exemption Notice 2011 (the principal notice) to—

  • extend the life of the principal notice to 31 May 2018:

  • require Australian licensees to provide certain information to the Financial Markets Authority (FMA) within 15 working days of receipt of a request from FMA.

FMA, after satisfying itself as to the matters set out in section 148(2)(b) of the Financial Advisers Act 2008 (the Act), considers it appropriate to amend the principal notice because—

  • the relevant services are subject to the regulations of an overseas jurisdiction:

  • the protection of the New Zealand public is unlikely to be prejudiced because of—

    • the protections offered under the Australian financial service providers regulatory regime:

    • FMA's relationship with the Australian Securities and Investments Commission, the regulator of Australian financial advisers, which involves sharing of information and co-operation arrangements:

    • the scope of the exemption being limited to certain categories of New Zealand clients and certain services:

    • the conditions imposed, including notices to New Zealand clients so that they are aware of the nature of the exemptions, and disclosure being made in accordance with Australian requirements:

    • the requirement that Australian licensees must be registered on the New Zealand financial service providers register and be members of a New Zealand dispute resolution scheme:

  • the exemptions provide a cost-effective basis upon which Australian licensees regulated by Australian law can offer limited services in New Zealand without incurring the costs of full compliance with the New Zealand financial adviser regime:

  • the conditions of the exemptions have been amended to specify that an Australian licensee must provide FMA with an updated New Zealand client list within 15 working days of receipt of a request from FMA. This will improve FMA's ability to monitor reliance on and compliance with the exemptions.


Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 27 June 2013.

This notice is administered by the Financial Markets Authority.