This information is for Australian regulated financial advisers seeking to rely on, or who are already operating under the Financial Advisers (Australian Licensees) Exemption Notice 2011 ("Exemption Notice").
Clause 6(d) of the Exemption Notice sets out the process for applying. The table below provides our comments on complying with the requirements.
|1.||Written notice that the Australian licensee wishes to rely on this exemption.||
|2.||The names of, and contact information in respect of each of its specified representatives||
|3.||Copy of the New Zealand retail client list||The list should include the retail clients who are existing clients of the Australian licensee and who will be treated as clients within the definition of Australian personalised services for a retail client. If a retail client of the Australian licensee is excluded from the list, then this client will not be within paragraph(a)(i)(A) of the definition of Australian personalised services for a retail client.|
The following is intended as a guide to some of the conditions in the Exemption Notice. It sets out the factors the FMA will consider in assessing compliance with the conditions. This information does not constitute legal advice. We encourage you to seek your own legal advice on how to comply with the conditions in the Exemption Notice. Examples given are for illustrative purposes only, are not exhaustive and are not intended to impose or imply particular rules or requirements.
This wording is used in two places in the Exemption Notice:
In determining whether or not a person is engaging in conduct that is intended to induce or solicit retail clients in New Zealand, FMA will look at all the circumstances relating to the conduct.
However, in general we will consider whether any measures have been taken to attract New Zealand clients as distinct from general promotional activities undertaken by the Australian licensee outside of New Zealand in respect of its general market outside of New Zealand.
The following activities are examples of conduct that we consider is likely to be conduct intended to solicit retail clients in New Zealand:
The condition at clause 6(f) of the Exemption Notice requires the Australian licensee to provide written disclosure containing prominent statements as set out in the clause. The following matters are relevant to this condition:
If you have questions in relation to the Exemption Notice please contact your legal adviser or contact us.