What you need to take into consideration
The requirements to obtain and maintain a New Zealand FSP have recently suffered substantial changes.
The Registrar of Companies (Companies Office) has issued strict requirements on who can register as an FSP, inclusive required local presence in New Zealand and NZ as a targeted market.
FMA has been shown they are not satisfied about the way the FSPs are conducting their business in NZ. In their view, just having an administrative office in NZ, it is not sufficient by a large measure. An existing FSP or an application for one must show clearly how the FSP is conducting their business from NZ for both overseas and NZ based clients.
FMA expects that a current or prospective FSP must show clearly how they are conducting the business from NZ, in order to justify having a New Zealand FSP registration.
The Registrar and/or the FMA need to be able to visit the business address and make enquiries of management of the company or its employees in the event that a complaint is received.
Concrete proof that the applicant has set up an office with local employee(s), has the necessary and required professional experience in the financial area, more specifically in the activity they will be applying for; has the professional qualification in the financial area; has set up an office with local qualified employee(s) or legal physical representative; considers New Zealand based clients as the major target market to develop and carry out their financial activities; has its website fully compliant with the financial activities it has been granted for; has a trading platform set up, and marketing strategies are ready to go; subject to getting FSP registration, is ready, willing and able to commence business from NZ.
