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FMA Update - 11 December 2012

Consultation Paper: Class exemption review

FMA has published a consultation paper on 17 Securities Act and Financial Reporting Act class exemption notices currently under review. Fourteen of these notices are notices on which FMA has already received and considered submissions. FMA's consultation paper proposes advanced policy positions on these notices, which were extended until 31 March 2013 to enable this further consultation. Three additional notices have been added to FMA's review because they are due to expire in 2013. FMA also provides proposals for consultation on these additional notices.

The consultation paper is available on our website www.fma.govt.nz at 'Laws we enforce', 'Policy', 'Current consultations', or by clicking here.

We seek submissions on the proposals in the paper to assist with this review process. Submissions should be sent by email to exemptions@fma.govt.nz. The deadline for submissions is 14 January 2013.

You can contact Natalie Muir, Manager Exemptions, with any questions.

Guideline for audits of risk assessments and AML/CFT programmes

AML/CFT supervisors have jointly published their 'Guideline for audits of risk assessments and AML/CFT programmes'. The guideline is available here.

Requirements for Reporting Entities

The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act 2009) requires Reporting Entities to electronically report Suspicious Transaction Reports (STRs) to the New Zealand Financial Intelligence Unit (FIU). When the relevant portions of this legislation take effect on June 30, 2013, the FIU will no longer accept manual STR submissions. The "secure web" reporting platform currently being used to report STRs electronically will also be turned off at this time.

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