We recently attended the Ministry of Economic Development's Business Update Seminar which were looking at new legislation that is about to come into force. Specifically, we were interested in:
- Financial Service Providers (Registration and Dispute Resolution) Act 2008
- Financial Advisors Act 2008
- Financial Service Providers (Pre Implementation Adjustments) Bill
A key fact that came out of this session was that all Financial Service Providers will need to register with the Ministry of Economic Development (MED) and be a member of an approved Dispute Resolution Service. The definition of a Financial Service Provider is very broad and the legislation is such to ensure a wide net is cast to catch as many players in the financial space as possible.
You will have to register on the Financial Service Providers Register; a web based, public register administered by the MED. Registration will cost $350.00 with an annual fee of $60.00. In addition each Director, Controlling Owner and Senior Manager is required to have a Criminal History check undertaken annually at a cost of $35 per check.
The Business Update Seminars are being held progressively throughout the main centres for the next 3 weeks and we strongly advise you to attend and get schooled up on your obligations under these new Acts. There are heavy penalties for non compliance - $100,000 fine for individuals and $300,000 fine for corporates plus jail time!
To find out when there is a Seminar near you go to the MED's website here.
