Financial Advisers (Australian Licensees) Exemption Amendment Notice 2013

  • revoked
  • Financial Advisers (Australian Licensees) Exemption Amendment Notice 2013: revoked, on 15 March 2021, pursuant to section 97(3)(a) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Reprint as at 15 March 2021

Coat of Arms of New Zealand

Financial Advisers (Australian Licensees) Exemption Amendment Notice 2013

(SR 2013/287)

Financial Advisers (Australian Licensees) Exemption Amendment Notice 2013: revoked, on 15 March 2021, pursuant to section 97(3)(a) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This notice is administered by the Financial Markets Authority.

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

This notice amends the Financial Advisers (Australian Licensees) Exemption Notice 2011 (the 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 Legislation Act 2012.

Date of notification in Gazette: 27 June 2013.

Reprints notes
1 General

This is a reprint of the Financial Advisers (Australian Licensees) Exemption Amendment Notice 2013 that incorporates all the amendments to that notice as at the date of the last amendment to it.

2 Legal status

Reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by any amendments to that enactment. Section 18 of the Legislation Act 2012 provides that this reprint, published in electronic form, has the status of an official version under section 17 of that Act. A printed version of the reprint produced directly from this official electronic version also has official status.

3 Editorial and format changes

Editorial and format changes to reprints are made using the powers under sections 24 to 26 of the Legislation Act 2012. See also http://www.pco.parliament.govt.nz/editorial-conventions/.

4 Amendments incorporated in this reprint

Financial Services Legislation Amendment Act 2019 (2019 No 8): section 97(3)(a)