New Zealand FMA Rule

Advantages of New Zealand Financial Companies
NZ Financial Services Provider (FSP) Registration
Authorized Financial Activities
FSP Registration Relevant Requirements
New FMA Role
Financial Services requiring FMA License
NZ Corporate Law – Local Director or Partner Now Required
What you Need to Register as FSP in NZ
FSP Requirements – own Premises and Staff

FMA has been shown they are not satisfied about the way the FSPs are conducting their business in NZ. In their view, just having an administrative office in NZ, it is not sufficient by a large measure. An existing FSP or an application for one must show clearly how the FSP is conducting their business from NZ for both overseas and NZ based clients.

FMA expects that a current or prospective FSP must show clearly how they are conducting the business from NZ, in order to justify having a NEW ZEALAND FSP registration.

In this regard, and once the registration has been obtained, the FSP has three months to get the FSP business up and running; in case this requirement is not satisfied, any time extensions will not be granted.

All this not entirely unexpected and goes back to earlier years when both foreign and NZ clients were badly ripped off by unscrupulous operators.

Therefore, concrete proof that the applicant has set up an office with local employee(s) or legal physical representative(s), has its website fully compliant with the financial activities it has been granted for, trading platform set up, marketing strategies ready to go, and, subject to getting his FSP registration, is ready, willing and able to commence business from NZ without delay.