Summary: Financial Markets Conduct (Australian Licensees) Exemption Notice 2020 (view the notice) will exempt certain Australian financial services licence holders and their representatives, on conditions, from certain requirements in the FMC Act that will apply when the new financial advice regime comes into force on 15 March 2021. The exemptions will allow Australian licensees and their representatives to give financial advice to certain New Zealand retail clients from offshore on an unsolicited basis without getting a financial advice provider licence and without complying with certain duties under the FMC Act if the conditions under the notice have been met.
Guidance note
The Financial Markets Conduct (Australian Licensees) Exemption Notice 2020 guidance note provides an overview of the exemption notice, and the circumstances in which a business may be able to rely on it.