No images? Click here 26 August 2021 FMA COVID-19 Update FMA approach under Alert Level 4The FMA remains fully operational and our teams are available to assist with enquiries. Our physical offices remain closed with our staff working from home. Please contact us via your usual contact or via questions@fma.govt.nz. The response to the current Delta variant outbreak means that this lockdown is different to previous lockdowns. We know industry may be facing new challenges posed by the stricter rules so please contact us if you would like our assistance or guidance on issues. To assist industry, we are deferring some of our current work to reduce regulatory burden and allow firms to focus on their customers. Where appropriate we will be in touch with our licensed and supervised entities to understand how they are operating and any issues they are facing. We are open to requests for guidance or relief and encourage market participants to connect with us on how we can support industry. To help prioritise our response, we may defer some work related to monitoring and information requests. We will continue to prioritise taking prompt action where we see any examples of misconduct. Essential services – is my business an essential service?Financial services are not included as an Alert Level 4 business or service in the Public Health orders. The Director General of Health has now issued two declarations related to registered banks and licensed non-bank deposit takers and a number of other financial services sectors. As previously indicated, the list is narrower than in March/April 2020 due to the transmissibility of the Delta variant. Activities are limited to critical financial services and subject to the conditions of the exemption. It is up to individual businesses and services to check if they meet the criteria for operating as an Alert Level 4 business or service. All financial services businesses can continue to operate providing they can do so safely and remotely. For sectors that are not considered an essential service, the Health Orders allow for certain minimum basic operations to be undertaken on-site in certain circumstances, which may cover maintenance of critical systems/infrastructure that cannot be completed remotely. Read more about essential financial services on the FMA website. General guidelines for businesses operating at Level 4 are available on the MBIE website. Annual AML/CFT 2021 reports – deadline extensionDue the current Alert Level 4, reporting entities might not be able to access required information to complete their Annual AML/CFT Report by 31 August 2021. The AML/CFT Supervisors have therefore agreed to change the submission deadline for this year to the 30th of September 2021. During the previous Alert Level 4 in March last year, the supervisors published guidance to assist reporting entities to comply AML/CFT verification requirements. This guidance remains applicable for COVID-19 Alert Levels. Financial licensing updateFull licensing for financial advice providers remains open. Our team is committed to processing your application as soon as possible. We are available to assist you - please contact us through the usual channels: questions@fma.govt.nz or 0800 434 556. Cyber resilienceWe encourage all firms to review their cyber security arrangements to ensure they take account of any additional risks associated with staff connecting remotely during Alert Level 4. Please refer to our information sheet on cyber resilience here. Financial Advice Providers may also want to refer to our recent information sheet on developing their cyber resilience in line with their obligations. Submission deadline extended – consultation on reporting relief for insolvent FMC entitiesYou now have until 6 October to have your say on proposals for exemptions to provide relief for insolvent FMC reporting entities that are in liquidation, receivership or administration from certain financial reporting requirements under the Financial Markets Conduct Act. Scams and complaintsWe are repeating our long-standing advice to consumers not to invest or make purchases following unsolicited approaches or online outfits that cannot be verified. Please continue to let us know of any suspected scams or complaints – our team is available to assist you. While we may not be the relevant agency for all scam complaints, we can direct your enquiry to the correct place. Please contact us through the usual channels questions@fma.govt.nz or 0800 434 556. Latest warnings and alerts |