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Financial Markets Authority AFA Update: Issue # 20

Page last updated: 31 Jan 2014

Helping you understand the changes ahead for DIMS

Check out our recent factsheet ‘Changes ahead for AFAs who provide DIMS’.

We are also working on some guidance to help explain the difference between a ‘Class’ and ‘Personalised’ Discretionary Investment Management Service (DIMS). We expect to publish this in February.

Licensing changes for new AFAs

FMA has reviewed its’ AFA application requirements and has made some important changes.

These include changes to the requirements relating to testimonials and the introduction of a new Supplementary Application Information Form.

At a glance we now require:-

  • 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 that have worked overseas.

There are also new verification requirements for qualifications.

For further information about these changes please visit our website. If you have any questions please contact questions@fma.govt.nz