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Financial Markets Authority AFA Update: Issue # 26

Page last updated: 16 Jul 2014

AML/CFT Reporting – clarification on Question 6.1

We have published additional guidance to help you provide the correct information when answering Question 6.1 of the annual AML/CFT report. This includes what to consider when the adviser business counts the number of transactions and value of transactions. We emphasise that in determining the number and value of transactions during the year you only need to provide an estimate. Remember, you can submit your report using our online system any time from now until 30 August 2014.

More information on annual AML/CFT reports can be found on our website but if you have any further questions please email us at aml@fma.govt.nz

Information Return – opens on 18 August 2014

We can now advise that the AFA Information Return will be available on our website to complete online from Monday 18 August.

Information Returns will need to be completed and submitted online by Tuesday 30 September for the period 1 July 2013 – 30 June 2014 using your ‘RealMe®’ login details.

Please note the Information Return is not live yet. We’ll let you know via an AFA Update when it is live and provide you with a link so you can login.

The Information Return is the first reporting requirement contained in the Regulatory Reporting Guide (RRG) and is an online tool that each AFA will need to complete and submit annually. It consists of a series of questions about you, your business, your compliance approach and your approach to continuing professional development. Information provided in the Information Return will assist us in our risk-based approach to monitoring and surveillance of AFAs and to allocate our resources effectively.

Today we have published information on our website, including FAQs. You will also find further information that explains our rationale behind the decision to proceed with the RRG and the Information Return.

To help you get ready we recommend you:

  1. Read the FAQs about the Information Return.
  2. Start reviewing the questions that relate to the financial adviser services you offer that you will need to answer.
  3. Start collecting that information so you can complete and submit your Information Return on time.
  4. Check you have your RealMe® login and password and FSP number.

If you have any questions then please check our FAQs first. If your question is not covered in the FAQs please email your question to questions@fma.govt.nz or call us on 0800 434 567.

FMA Website Survey – tell us what you think

We are currently conducting an online survey to help us to improve the usability of our website www.fma.govt.nz

There are 10 quick questions and the ability for you to add comments if you'd like to. Your responses will assist us to improve our website’s usefulness to you, your business and your industry, so if you haven’t already, please take a few minutes to complete our survey.

Peer-to-peer lending and crowdfunding resources

We’ve recently published website resources to help investors understand two new investment options in New Zealand – peer-to-peer lending and equity crowdfunding. Our resources encourage people to talk to an Authorised Financial Adviser if they would like more information about the risks of investing in these new services. If you would like to order copies of our printed brochures to help you explain them, please contact us and let us know how many you need.

MBIE consultation on DIMS Regulations - closes 22 July

The Ministry of Business, Innovation & Employment (MBIE) is consulting on the core content of the service disclosure statement and reporting obligations for DIMS providers. It also contains the proposed transitional provisions and other exemptions from DIMS licensing. It’s especially relevant to anyone who intends to obtain a licence under the Financial Markets Conduct Act 2013 and AFAs who propose to provide personalised DIMS under the Financial Advisers Act 2008. The consultation closes on Tuesday 22 July and we encourage submissions from any interested parties.