FMA are reviewing the Financial Advisers (Australian Licensees) Exemption Notice 2011 which expires on 30 June 2013.

This notice permits Australian-regulated financial services firms to provide financial adviser services into New Zealand on an offshore basis. The general effect is that persons who hold current Australian financial services licences granted by the Australian Securities and Investments Commission, and their specified representatives under Australian law, are exempted from the following provisions of New Zealand law to the extent that they provide personalised services from Australia to New Zealand retail clients and have no place of business in New Zealand:

  • section 17(1) of the Financial Advisers Act 2008 (FAA);
  • in the case of both Australian licensees and specified representatives, section 20B (restrictions on holding out as financial planner or investment planner) and section 22 (financial adviser must make disclosure before providing personalised service to retail client) of the FAA; and
  • in the case of specified representatives, sections 11 and 12 of the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (broadly, this exempts the entity's individual advisers from having to be registered, and from the prohibition on holding out as being in the business of providing financial service unless registered).

FMA are keen to gain a clear picture of the extent of reliance on the notice.

The timetable for this consultation is as follows:

Click here to view timetable.

Click here for further details.