|Name of Notice||Financial Advisers (Overseas Custodians – Assurance Engagement) Exemption Amendment Notice 2020|
|Gazette Notification Date||2020-12-22|
|Date In Force||2021-02-01|
|Act||Financial Advisers Act 2008|
|Type||Class Exemption Amendment Notice|
Summary: This notice amends the Financial Advisers (Overseas Custodians – Assurance Engagement) Exemption Notice 2018 (principal notice). It comes into force on 1 February 2021.
The principal notice exempts certain overseas custodians from the requirements in regulations 9 and 10 of the Financial Advisers (Custodians of FMCA Financial Products) Regulations 2014 (the Regulations) to obtain an assurance engagement from a New Zealand auditor that covers the New Zealand assurance engagement matters specified in regulation 10 of the Regulations. The principal notice applies to an overseas custodian who obtains assurance engagements in 1 or more of the jurisdictions listed in the Schedule that together cover all FMCA custodial services provided by the custodian or its sub-custodians to New Zealand clients. The exemptions apply for the custodian’s relevant periods ending on or after 24 February 2018 but before 24 February 2021.
The amendment notice amends the principal notice so that the exemptions will apply for the custodian’s relevant periods ending on or after 24 February 2018 but before 15 March 2021. This ensures that overseas custodians can continue to rely on the principal notice until the start of the new financial advice regime under the Financial Services Legislation Amendment Act 2019.