1. Compliance
  2. Exemptions
  3. Current exemption notices
  4. Financial Markets Conduct Act exemptions
  5. Financial Markets Conduct (Offers of Financial Products Through Authorised Financial Advisers Supplying Personalised DIMS) Exemption Notice 2020

Financial Markets Conduct (Offers of Financial Products Through Authorised Financial Advisers Supplying Personalised DIMS) Exemption Notice 2020

Page last updated: 3 Sep 2020
Name of noticeFinancial Markets Conduct (Offers of Financial Products Through Authorised Financial Advisers Supplying Personalised DIMS) Exemption Notice 2020
Gazette Notification Date2020-08-31
Date In Force2020-11-06
LI Number2020/234
ActFinancial Markets Conduct Act 2013
TypeClass Exemption Notice
Expiry Date2021-03-15

This notice applies to offers of financial products made through authorised financial advisers (AFAs) who are providing personalised discretionary investment management services (DIMS). It exempts the offer from the disclosure requirements in Part 3 of the FMC Act and provides that exempted offers are not considered to be regulated offers. The effect is to put offers made through these AFAs in the same position as offers made through DIMS licensees under Part 6 of the FMC Act, that benefit from a Schedule 1 exclusion. We do not expect continued exemption relief will be required once the new regime commences. AFAs providing personalised DIMS will be deemed to hold a DIMS licence under Part 6 on commencement of that regime (unless they opt out).  This notice comes into force on 6 November 2020, the day after the current notice expires. 

See the notice on the Legislation NZ website