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ARTICLE · 09 DECEMBER 2009

Disclosure requirements for financial advisers: NZ Managed Funds Update from DLA Phillips Fox

DLA Piper Australia
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Important developments on disclosure requirements for financial advisers in New Zealand, Commerce Minister Simon Power introduced the Financial Services Providers (Pre-Implementation Adjustments) Bill to Parliament on 8 December 2009.

AustraliaFinance and Banking
Alasdair McBeth
Alasdair McBeth
Tracey Cross
Tracey Cross

Important developments on disclosure requirements for financial advisers

Commerce Minister Simon Power introduced the Financial Services Providers (Pre-Implementation Adjustments) Bill (Bill) to Parliament on 8 December.

The Bill is designed to simplify the implementation of the Financial Advisers Act and reduce compliance costs that will be borne by the financial services industry in implementing the new regulatory regime. The Bill also contains technical amendments to the Financial Service Providers (Registration and Dispute Resolution) Act.

The majority of the proposed amendments to the Financial Advisers Act focus on the QFE regime. Under these proposed changes:

  • Bonus bonds, call building society shares, call debt securities and term life insurance policies are now prescribed as category 2 financial products.

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