The Ministry of Business, Innovation and Employment has released a supplement discussion document and further draft regulations to the third exposure draft of regulations under the Financial Markets Conduct Act 2013. This supplement consultation relates to the core content of disclosure for discretionary investment management services (DIMS).
The supplement consultation also implements Cabinet decisions (made last month) to the effect that regulations provide for:
- a transitional period for existing DIMS providers until 1 December 2015; and
- a licensing exemption for authorised financial advisers using limited discretions on a contingency basis.
Further details on these Cabinet decisions are outlined in the item below.
The closing date for submissions on this consultation is 22 July 2014.
The third exposure draft of regulations for consultation (which closed on 20 June 2014) covered the core content of disclosure for financial products and the mutual recognition of security offerings with Australia.
For further information, visit the Ministry’s website here.