The FMA has granted a class exemption from key provisions of the Financial Advisers Act 2008 and the Financial Service Providers (Registration and Dispute Resolution) Act 2008 to permit Australian regulated firms to continue providing financial adviser services for New Zealand based clients, provided certain conditions are met.

Firms that hold current Australian financial services licences granted by the Australian Securities and Investments Commission (and their specified representatives) may utilise this exemption when providing personalised services from Australia to retail clients in New Zealand. They must not have a place of business in New Zealand and must provide the services from a place of business in Australia.

The Financial Advisers (Australian Licensees) Exemption Notice 2011 came into force on 1 July 2011 and expires on 30 June 2013. It is a temporary exemption to allow time for more permanent mutual recognition arrangements to be considered with Australia.

For more information on this class exemption visit the FMA’s website here.