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MBIE announcements: regulations, fees, delay

MBIE has made a package of announcements, which includes a (minor) delay to the start of transition:

Good morning,

As you are aware, the Financial Services Legislation Amendment Act 2019 (Act) introduces a new regime for financial advice. I am pleased to confirm that a number of regulations relating to the new regime were published today. These regulations give effect to previous policy decisions announced in June this year, and:

Regulations are unable to come into force until at least 28 days have passed from the date they are notified in the New Zealand Gazette. Accordingly, the regulations needed for transitional licensing will come into force on 25 November 2019, while the remainder of the regulations will come into force on 29 June 2020.

The regulations relating to licensing fees and registration need to be in force before the FMA can start processing licence applications. Unfortunately this means the FMA will be unable to start accepting transitional licence applications before 25 November 2019. The FMA will provide an update on the new transitional licensing date later today. I apologise for any inconvenience that this might cause.

For more information regarding the new financial advice regime, please visit www.mbie.govt.nz/faareview or https://www.fma.govt.nz/compliance/role/fap-new-regime/.

Kind regards

Sharon Corbett

The FAA Review Team

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