This note is not part of the regulations, but is intended to indicate their general effect.
These regulations, which come into force on 1 December 2014, amend the Financial Advisers (Custodians of FMCA Financial Products) Regulations 2014. The amendment clarifies the application of the regulations where a person (A) provides FMCA custodial services to a client on behalf of the business of another person (B). In this case, B is liable under the Financial Advisers Act 2008 if the requirements of these regulations are breached. The amendment clarifies that—
Date of notification in Gazette: 4 November 2014.
These regulations are administered by the Ministry of Business, Innovation, and Employment.