Financial Service Providers: Compulsory Registration Law Updated (Paper)

Materials comprised of a Paper and a PowerPoint handout

Presenters

Simon Papa, Director, Cygnus Law

Synopsis

Law governing the controversial Financial Service Providers Register (FSPR) has been substantially updated. The updated law comes into force on 15 March 2021.

A wide range of financial service providers (FSPs) are required to register on the FSPR including lenders, financial advice providers, custodians and licensed FSPs.

Under the updated law some FSPs are no longer required (or permitted) to register, and some off-shore FSPs with NZ customers are required to register for the first time.

These materials will help you:

• Understand who is required to register on the FSPR and who cannot register.
• Learn how to more rapidly assess whether or not a particular client or party is required to register and the implications of registration (and non-registration).
• Gain insights into the implications of registration and of failing, or not being able, to register.
• Gain insights into how the FSPR applies to financial advice providers & financial advisers under new financial advice law.

Intended audience

Lawyers in private practice at all levels with business clients and clients who engage with financial service providers, in-house lawyers and compliance officers working for financial service providers, financial advisers, including those seeking an update/refresher on this area.