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Thank you
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Rob Everett, Chief Executive, FMA
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We’re partnering closely with MBIE and engaging with the Code Working Group so we can construct a clear framework for activities that will precede transitional and full licensing. Of course the parliamentary process, including Select Committee, may yet throw up a few surprises - check our website for updates as the changes are confirmed.
We have also been in discussions with Australian regulators and government agencies about the recently announced Royal Commission into the financial services sector. We will be watching that carefully to see what lessons can be learned on this side of the Tasman.
Of course, not everyone agrees with what we do or how we do it. But as we get constructive feedback, we’re encouraged by the sense that beneath it is a genuine will to do the best for New Zealand’s financial markets, and New Zealand investors.
This is the last update of 2017 so I wish you all a restful and happy summer break.
Rob Everett
Chief Executive
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Look both ways before jumping on the Bitcoin bandwagon
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The news is currently full of stories about Bitcoin – selling a story about how to become a millionaire overnight. But we are receiving an increasing number of complaints from investors who’ve lost money using cryptocurrency exchanges.
For example, some investors have told us they are unable to cash out. Other people have lost amounts from their ewallets or have been locked out of their accounts.
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Changing a director or senior manager? Let us know
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As part of your licence conditions, you must tell us when you appoint a new director or senior manager. To notify us, please complete the simplified notification form which includes links to help you complete your fit and proper checks.
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Reminders
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15 December
Consultation: Exemption to enable personalised digital advice – submissions close Friday 15 December. Read more ›
1 January
New IFRS accounting standards apply from 1 January 2018. Read more ›
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Stay up to date about financial advice changes
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Last week the Financial Services Legislation Amendment Bill had its first reading in Parliament and is now at Select Committee stage.
Next year, there will be greater clarity around timelines and activities as the Bill tracks its way through the Select Committee process. We will hear more from MBIE and the Code Working Group.
We’ll keep you updated about future engagement activities including workshops, seminars and publications. Check our website regularly for the latest information, useful resources and links.
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Auditor reports
Accredited body reports
See our website for our recently released annual accredited body reports.
Audit Quality Review report and director guide
This report and the accompanying guide for directors summarise our findings from this year’s audit quality reviews and provide guidance on how company directors can contribute to high-quality audits.
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Key audit matters – a stocktake of the first year in New Zealand
Last month, in conjunction with the External Reporting Board (XRB), we published the results of our joint analysis of the first year of key audit matters in New Zealand auditor reporting.
It provides insights into the experience to date, to help improve auditor reporting.
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Peer-to-peer lending and crowdfunding sector snapshot report
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This year, licensed crowdfunding and peer-to-peer lending providers were required to submit an annual regulatory return for the first time. In November, we released a report on this information.
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Class legislative notices summary
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We have published a summary of all class legislative notices, including exemptions, designations, frameworks or methodologies, and public accountability notices granted, effective as at 1 December 2017. The summary is a good resource for stakeholders interested in a brief overview of the different types of notices we grant. You can also find these notices on the New Zealand legislation website.
More >
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What’s coming up?
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Get a heads up on what we’re releasing soon
2017
AML/CFT new and updated guidelines
On 14 December we will publish new and updated guidelines for AML/CFT reporting entities. These aim to help reporting entities better understand their obligations to meet supervisors expectations. They include:
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ordinary course of business guideline
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designated business group formation guideline
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designated business group scope guideline
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explanatory note to the identity verification code of practice
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enhanced customer due diligence guideline.
2018
Conduct Outcomes report
This report conveys our view of the state of market conduct for 2017. It covers the key themes and cases for this year, and why we took action. It also sets out our expectations of what good conduct looks like.
Consultation on content of regulatory returns for DIMS, MIS and DI licensees.
As part of the licence conditions we will be consulting on the questions we propose to ask in annual regulatory returns. It will also include details of the annual compliance declaration for all FMC Act licensees.
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