The New Zealand government has issued a discussion paper seeking submissions on a number of possible regulatory changes including additional requirements for investment advisers.
NZ commerce minister Craig Foss yesterday released the 28-page document which looks at how the Financial Advisers Act 2008 will merge with the Financial Markets Conduct (FMC) Bill, which is currently awaiting its third reading in the NZ parliament.
In particular, the document flags potentially increased requirements for authorised financial advisers to be able to provide discretionary investment management services (DIMS) and whether additional licensing arrangements may be necessary.
Among the proposed requirements are a rule that advisers who provide DIMS will have to “use an independent custodian for client property” and maintain “mandatory audit, assurance, record-keeping and client reporting duties for custodians of client property to be prescribed” as well as additional disclosure requirements.
Submissions close on Friday 23 August.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 17 Jan 2019ASIC takes court action against former adviserBy Adrian Flores
- 16 Jan 2019NAB FP seeks resolution of false witness investigationBy Adrian Flores
- 16 Jan 2019High demand for advisers and paraplanners in 2019By Adrian Flores
- 16 Jan 2019Foreign adviser qualification standards finalisedBy Adrian Flores
- 16 Jan 2019ASIC imposes conditions on Sydney licenseeBy Adrian Flores
- 16 Jan 2019FASEA locks in educational pathways policyBy Adrian Flores
- view all