NZ flags adviser regulatory changes
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.
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