New Zealand Regulator Adds Extra Layer of Checks for Advisers Selling FX & Futures
by
Adil Siddiqui
New Zealand's financial regulator has enhanced the licensing procedure for financial advisers promoting regulated financial instruments. Advisers will need to provide additional details to the regulators prior to gaining approval.
The main financial watchdog in New Zealand, Financial Markets Authority, that regulates financial markets products has increased the licensing procedure for Authorised Financial Advisers (AFAs). Under the new guidelines advisers will be required to supply references from key parties, show a Certificate of Standing from a professional body and additional information such as a CV and professional memberships. The move comes on the back of an ongoing programme to strengthen New Zealand’s regulatory environment.
The regulator's announcement for AFAs means advisers will need to fulfil enhanced requirements before gaining authorisation as an approved adviser. According to the notification on the regulator's website, the changes are focused on: “Testimonials and the introduction of a new Supplementary Application Information Form.”
Under the FMA’s authorisation AFAs can engage in a range of activities relating to financial transactions. These are categorised under different categories. Under Category 1. Advisers can deal in investment focus products which include; securities, land investment products, futures contracts and investment-linked insurance contracts. In addition, Category 2. Products which are generally less complex (non-financial).
AFAs are managed under legislation that was introduced in 2008, known as the Financial Advisers Act 2008. The legislation was introduced to create a regulated and efficient marketplace for financial services. According to the official documentation, the purpose of the act is to: “Promote the sound and efficient delivery of financial adviser and broking services, and to encourage public confidence in the professionalism and integrity of financial advisers and brokers.”
The additional checks the regulator will take for advisers are:
A testimonial from a manager, a peer and client
A Certificate of Standing from a professional body if appropriate. This replaces the Professional Body Testimonial.
Supplementary information: including a CV; details of professional memberships; copy of your ABS; DRS membership history; plus additional requirements for applicants whot have worked overseas.
The FMA regulates futures and OTC brokers offering currency trading. There are over 56 regulated brokers and banks.
New Zealand became an easy target for brokerage firms looking for lapsed regulations, the least corrupt nation in the world offers a two tier system. One mode of Regulation which regulates listed and OTC instruments with capital requirements similar to those in developed markets such as the UK and Singapore. And a second system which does not govern FX as such, but gives an impression of regulation under the Financial Service Providers Register (FSP), a directory of firms offering financial services products in New Zealand. The FSP registration process is being strengthened by the authorities, thus impacting the status of FX firms operating in the island nation.
Forex Magnates believes that FX brokers registered under the FSP will be gradually removed or migrated to full regulation under the FMA as regulated futures brokers (category 1) over the next 12 months.
The main financial watchdog in New Zealand, Financial Markets Authority, that regulates financial markets products has increased the licensing procedure for Authorised Financial Advisers (AFAs). Under the new guidelines advisers will be required to supply references from key parties, show a Certificate of Standing from a professional body and additional information such as a CV and professional memberships. The move comes on the back of an ongoing programme to strengthen New Zealand’s regulatory environment.
The regulator's announcement for AFAs means advisers will need to fulfil enhanced requirements before gaining authorisation as an approved adviser. According to the notification on the regulator's website, the changes are focused on: “Testimonials and the introduction of a new Supplementary Application Information Form.”
Under the FMA’s authorisation AFAs can engage in a range of activities relating to financial transactions. These are categorised under different categories. Under Category 1. Advisers can deal in investment focus products which include; securities, land investment products, futures contracts and investment-linked insurance contracts. In addition, Category 2. Products which are generally less complex (non-financial).
AFAs are managed under legislation that was introduced in 2008, known as the Financial Advisers Act 2008. The legislation was introduced to create a regulated and efficient marketplace for financial services. According to the official documentation, the purpose of the act is to: “Promote the sound and efficient delivery of financial adviser and broking services, and to encourage public confidence in the professionalism and integrity of financial advisers and brokers.”
The additional checks the regulator will take for advisers are:
A testimonial from a manager, a peer and client
A Certificate of Standing from a professional body if appropriate. This replaces the Professional Body Testimonial.
Supplementary information: including a CV; details of professional memberships; copy of your ABS; DRS membership history; plus additional requirements for applicants whot have worked overseas.
The FMA regulates futures and OTC brokers offering currency trading. There are over 56 regulated brokers and banks.
New Zealand became an easy target for brokerage firms looking for lapsed regulations, the least corrupt nation in the world offers a two tier system. One mode of Regulation which regulates listed and OTC instruments with capital requirements similar to those in developed markets such as the UK and Singapore. And a second system which does not govern FX as such, but gives an impression of regulation under the Financial Service Providers Register (FSP), a directory of firms offering financial services products in New Zealand. The FSP registration process is being strengthened by the authorities, thus impacting the status of FX firms operating in the island nation.
Forex Magnates believes that FX brokers registered under the FSP will be gradually removed or migrated to full regulation under the FMA as regulated futures brokers (category 1) over the next 12 months.
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Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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20-22 MAY 2024
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Looking to expand your network in #Africa?
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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