NEW ZEALAND: CONSULTATION ON MISUSE OF FINANCIAL SERVICE PROVIDERS’ REGISTER

On 14th April, website Interest carried an article that looks at the discussion paper published by the Ministry of Business, Innovation & Employment (MBIE), said to herald the Government’s latest attempt to clean up the problematic entity known as the FSPR, with previous attempts having run on and off over the past few years.  A minister is quoted as saying that some mainly offshore-controlled entities have been ‘free-riding’ off New Zealand’s reputation for sound financial markets regulation by using their registration to imply that they are actively regulated in New Zealand when that is not the case.  Amongst the reasons listed for the proposed changes is to assist New Zealand in meeting its obligations under FATF recommendations, which include requiring the licensing or registration of all financial institutions to ensure effective monitoring is in place to confirm financial institutions are meeting their AML/CFT obligations.  It is safe to say that the commentary itself appears to be critical of the proposals.

https://www.interest.co.nz/opinion/93163/gareth-vaughan-takes-look-mbies-latest-plans-clean-nzs-problematic-financial-service

The discussion paper itself is available at –

http://www.mbie.govt.nz/info-services/business/business-law/financial-advisers/review-of-financial-advisers-act-2008/regulations-to-support-the-financial-services-legislation-amendment-bill/consultation-on-addressing-misuse-of-the-financial-service-providers-register/discussion-document.pdf

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s