Compliance managers/ Compliance officers

Transcription

1 THIS IS A QUARTERLY UP DESIGNED TO KEEP STRATEGI CLIENTS UP TO WITH THE ON-GOING CHANGES TO THE REGULATORY LANDSCAPE PLUS ACTIONS STRATEGI GROUP IS UNDERTAKING TO ASSIST THE INDUSTRY. Directors Compliance managers/ Compliance officers Financial advisers Can use this update as one of the tools to monitor potential key regulatory risks facing the business. Excerpts can be included in board papers. Can use this update to identify potential new regulatory risks facing the business, and ensure the business has robust policies, procedures, and controls in place to remain compliant, at all times, with the applicable legislation, regulation, and the Code. Can use this as a trigger to update professional development plans and undertake training to familiarise themselves with the changes in the regulatory space affecting them.

2 June June 2018 The New Zealand Police issued a "Suspicious Activity Reporting Guideline" relating to financial organisations' requirement to report suspicious transactions under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act. This advises financial organisations of new guidelines, which broaden what is required to be reported. 13 June 2018 Consultation closed for the proposed exemption of same class offers of ASX NZX-quoted financial products The FMA released its 'Auditor regulation and oversight plan' for the period. The FMA released an information sheet on their expectations for a 'compliance assurance programme' (CAP). This provides guidance about the minimum standards, the FMAs expectations, and what is assessed during the licence application process. The FMA released a guide on publishing default rate information for peer-to-peer lending services. This covers what is deemed 'default', when licensees are required to comply, and how to publish fair and transparent information. The FMA released a summary of key findings from the recent relicensing of supervisors. 25 June 2018 The FMA released a consultation paper on the proposed exemption to managers of managed funds that invest in loans secured by first-ranking mortgages over real property, from the requirement to name the borrower of the loan.

3 28 June 2018 The FMA published its annual review of NZX s regulatory obligations as a licensed market operator during the 2017 calendar year. The FMA published guidance on how to improve the presentation of financial statements in a clear, concise, and effective way. The Government approved exemption for Financial Advisers relating to AML/CFT obligations for specified retirement products. June 2018 Strategi published new compliance solutions to help advisers transition into a financial advice provider or leave the industry. Strategi Institute updated their CPD guide. Strategi Group produced a FAP matrix for all financial advisers. July July 2018 The FMA released a consultation paper seeking feedback on the effectiveness of their legislative notices in minimising unnecessary compliance costs. 12 July 2018 The FMA released its annual survey into the public's attitude to financial markets, with 66% of investors saying they were confident in NZ's financial markets. 17 July 2018 The FMA released guidance on the exemption from the market index requirement and how it is applied. 18 July 2018 The FMA released a report following a review of QFE insurance providers replacement business practices.

4 19 July 2018 The FMA released a consultation paper seeking feedback on proposed guidance for determining whether you are acquiring a business or assets. July 2018 Strategi published a guidance note on how to update your AML/CFT risk assessment and programme. The FMA published their NZX review 2017 which reported on how well NZX is meeting its licensed market operator obligations. Garry James Patterson was sentenced to 200 hours community work and three months community detention for falsely holding himself out as a financial adviser. The Economic Development, Science and Innovation Committee completed its review of FSLAB and provided recommendations for amendments to FSLAB. August August 2018 The FMA released a consultation paper on the proposed exemption for restricted MIS schemes from custodian assurance requirements. 9 August 2018 The FMA released its annual corporate plan. 13 August 2018 Submissions open for AFA annual information returns 29 August 2018 The FMA announced the launch of an online quiz to help younger KiwiSaver members understand how to react when investments rise and fall.

5 31 August 2018 Final day to submit annual AML/CFT reports for 1 July 2017 to 30 June 2018 period. August 2018 Strategi issued a guidance note on selecting new software for your business The FMA issued a document titled 4 things you ve been asking about the changes. This provides a brief outline of the timeline and changes for advisers moving to the new regime. Strategi Institute published version 3 of the Professional Writing Stylebook to assist financial advisers to raise the professionalism of their communications. Strategi updated FAP Toolkit matrix to version 4 to reflect slight slippage in dates. Strategi announces that compliance officer training courses for existing FMCA licensed entities plus for future FAPs will be coming soon.