Financial Service Providers and Dispute Resolution Act Flashcards
The FMA has filed charges against Mr Patterson in the Christchurch District Court. The FMA alleges Mr Patterson was, or was holding out as being, in the business of providing financial services in contravention of the ________________________________ (FSP Act).
http://www.scoop.co.nz/stories/BU1703/S00547/fma-files-charges-under-the-financial-service-providers-act.htm
Financial Service Providers (Registration and Dispute Resolution) Act 2008
The FMA has filed charges against Mr Patterson in the Christchurch District Court. The FMA alleges Mr Patterson was, or was holding out as being, in the business of providing financial services in contravention of the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (__________).
http://www.scoop.co.nz/stories/BU1703/S00547/fma-files-charges-under-the-financial-service-providers-act.htm
FSP Act
Thursday, 16 March 2017
The FMA has filed charges against ___________ in the Christchurch District Court. The FMA alleges __________________ was, or was holding out as being, in the business of providing financial services in contravention of the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (FSP Act).
Mr Patterson
Thursday, 16 March 2017
The ______ has filed charges against Mr Patterson in the Christchurch District Court. The FMA alleges Mr Patterson was, or was holding out as being, in the business of providing financial services in contravention of the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (FSP Act).
http://www.scoop.co.nz/stories/BU1703/S00547/fma-files-charges-under-the-financial-service-providers-act.htm
FMA
Thursday, 16 March 2017
The FMA has filed charges against Mr Patterson in the Christchurch District Court. The FMA alleges Mr Patterson was, or was holding out as being, in the business of providing financial services in contravention of the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (FSP Act). The charges relate to ________________ between 1 July 2013 and 28 May 2015.
http://www.scoop.co.nz/stories/BU1703/S00547/fma-files-charges-under-the-financial-service-providers-act.htm
to various insurance policies
Thursday, 16 March 2017
Nick Kynoch, FMA, General Counsel, said, “To be in the business of providing financial services, individuals must be registered and - in some instances - belong to an approved dispute resolution scheme under the _______ and the Financial Advisers Act 2008.
“These are legal requirements, they are not optional. The FMA has a range of tools available to deal with compliance issues. In this case, we decided it was appropriate to bring charges.”
http://www.scoop.co.nz/stories/BU1703/S00547/fma-files-charges-under-the-financial-service-providers-act.htm
FSP Act
Thursday, 16 March 2017
The charges are:
(1) Section _____________ – no being in the business of providing financial service(s) unless registered and a member of an approved dispute resolution scheme;
http: //www.scoop.co.nz/stories/BU1703/S00547/fma-files-charges-under-the-financial-service-providers-act.htm
Section 11 of the FSP Act
Thursday, 16 March 2017
The charges are:
(1) Section 11 of the FSP Act – _______________________ unless registered and a member of an approved dispute resolution scheme;
http: //www.scoop.co.nz/stories/BU1703/S00547/fma-files-charges-under-the-financial-service-providers-act.htm
no being in the business of providing financial service(s)
Thursday, 16 March 2017
The charges are:
(1) Section 11 of the FSP Act – no being in the business of providing financial service(s) _________________ and a member of an approved dispute resolution scheme;
http: //www.scoop.co.nz/stories/BU1703/S00547/fma-files-charges-under-the-financial-service-providers-act.htm
unless registered
Thursday, 16 March 2017
The charges are:
(1) Section 11 of the FSP Act – no being in the business of providing financial service(s) unless registered and ___________________________________;
http: //www.scoop.co.nz/stories/BU1703/S00547/fma-files-charges-under-the-financial-service-providers-act.htm
a member of an approved dispute resolution scheme
Thursday, 16 March 2017
The charges are:
(1) Section 11 of the FSP Act – _____________________________________________________;
http: //www.scoop.co.nz/stories/BU1703/S00547/fma-files-charges-under-the-financial-service-providers-act.htm
no being in the business of providing financial service(s) unless registered and a member of an approved dispute resolution scheme
(2) ___________________ – no holding out that in the business of providing financial service(s) unless registered and a member of an approved dispute resolution scheme.
http: //www.scoop.co.nz/stories/BU1703/S00547/fma-files-charges-under-the-financial-service-providers-act.htm
Section 12 of the FSP Act
Thursday, 16 March 2017
(2) Section 12 of the FSP Act – ________________________________________(s) unless registered and a member of an approved dispute resolution scheme.
http: //www.scoop.co.nz/stories/BU1703/S00547/fma-files-charges-under-the-financial-service-providers-act.htm
no holding out that in the business of providing financial service
Thursday, 16 March 2017
(2) Section 12 of the FSP Act – no holding out that in the business of providing financial service(s) unless registered and a member of an approved dispute resolution scheme.
http: //www.scoop.co.nz/stories/BU1703/S00547/fma-files-charges-under-the-financial-service-providers-act.htm
unless registered
Thursday, 16 March 2017
(2) Section 12 of the FSP Act – no holding out that in the business of providing financial service(s) unless registered and _________________________________________.
http: //www.scoop.co.nz/stories/BU1703/S00547/fma-files-charges-under-the-financial-service-providers-act.htm
a member of an approved dispute resolution scheme
Thursday, 16 March 2017
(2) Section 12 of the FSP Act – ____________________________________________________.
http: //www.scoop.co.nz/stories/BU1703/S00547/fma-files-charges-under-the-financial-service-providers-act.htm
no holding out that in the business of providing financial service(s) unless registered and a member of an approved dispute resolution scheme
The two major statutes are the Financial Advisers Act 2008 (FAA) and the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (FSPA). They are independent but connected. They have both been modified by the Financial Advisers Amendment Bill and _____________(Registration and Dispute Resolution) Amendment Bill passed earlier this month.
However, it is disconcerting to note that the FSPA is largely ignored in many presentations being made, including material published by the Securities Commission. The fact is that all financial advisers must be registered as financial service providers (FSPs) under the FSPA before they even start with becoming advisers.
This article was published in LawTalk 754, 12 July 2010, page 8.
https://www.lawsociety.org.nz/practice-resources/commentary/law-reform-background/financial-services-reg-changes
financial service providers
The two major statutes are the Financial Advisers Act 2008 (FAA) and the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (FSPA). They are independent but connected. They have both been modified by the Financial Advisers Amendment Bill and Financial Service Providers (Registration and Dispute Resolution) Amendment Bill passed earlier this month.
However, it is disconcerting to note that the FSPA is largely ignored in many presentations being made, including material published by the Securities Commission. The fact is that all financial advisers must be registered as financial service providers (FSPs) under the FSPA before they even start with ____________________.
This article was published in LawTalk 754, 12 July 2010, page 8.
https://www.lawsociety.org.nz/practice-resources/commentary/law-reform-background/financial-services-reg-changes
becoming advisers
June 14, 2018
A regulator kicks a company off New Zealand’s problematic _________________ (FSPR) only for a new company with a similar name, plus the same shareholder and local director to emerge on the FSPR under the nose of the same regulator, just a few months later.
This is the story of Snowball Finance Holdings Ltd and SNB Finance Holdings Ltd, and the website Snowball Securities (pictured below), which in exchange for fees and commissions says it’ll assist customers to invest in Hong Kong, US and Chinese sharemarkets. The regulator in this yarn is the Ministry of Business, Innovation & Employment (MBIE), which oversees the Companies Office and FSPR. Another registered NZ financial service provider, Y&J Investment Ltd, also features.
https://www.interest.co.nz/business/94219/gareth-vaughan-goes-search-snowball-great-south-road-he-continues-probe-companies
Financial Service Providers’ Register
June 14, 2018
A regulator kicks a company off New Zealand’s problematic Financial Service Providers’ Register (_____) only for a new company with a similar name, plus the same shareholder and local director to emerge on the FSPR under the nose of the same regulator, just a few months later.
This is the story of Snowball Finance Holdings Ltd and SNB Finance Holdings Ltd, and the website Snowball Securities (pictured below), which in exchange for fees and commissions says it’ll assist customers to invest in Hong Kong, US and Chinese sharemarkets. The regulator in this yarn is the Ministry of Business, Innovation & Employment (MBIE), which oversees the Companies Office and FSPR. Another registered NZ financial service provider, Y&J Investment Ltd, also features.
https://www.interest.co.nz/business/94219/gareth-vaughan-goes-search-snowball-great-south-road-he-continues-probe-companies
FSPR
June 14, 2018
This is the story of Snowball Finance Holdings Ltd and SNB Finance Holdings Ltd, and the website Snowball Securities (pictured below), which in exchange for fees and commissions says it’ll assist customers to invest in Hong Kong, US and Chinese sharemarkets. The ____________ in this yarn is the Ministry of Business, Innovation & Employment (MBIE), which oversees the Companies Office and FSPR. Another registered NZ financial service provider, Y&J Investment Ltd, also features.
https://www.interest.co.nz/business/94219/gareth-vaughan-goes-search-snowball-great-south-road-he-continues-probe-companies
regulator
June 14, 2018
This is the story of Snowball Finance Holdings Ltd and SNB Finance Holdings Ltd, and the website Snowball Securities (pictured below), which in exchange for fees and commissions says it’ll assist customers to invest in Hong Kong, US and Chinese sharemarkets. The regulator in this yarn is the _____________________________, which oversees the Companies Office and FSPR. Another registered NZ financial service provider, Y&J Investment Ltd, also features.
https://www.interest.co.nz/business/94219/gareth-vaughan-goes-search-snowball-great-south-road-he-continues-probe-companies
Ministry of Business, Innovation & Employment (MBIE)
June 14, 2018
This is the story of Snowball Finance Holdings Ltd and SNB Finance Holdings Ltd, and the website Snowball Securities (pictured below), which in exchange for fees and commissions says it’ll assist customers to invest in Hong Kong, US and Chinese sharemarkets. The regulator in this yarn is the Ministry of Business, Innovation & Employment (MBIE), which _____________________. Another registered NZ financial service provider, Y&J Investment Ltd, also features.
https://www.interest.co.nz/business/94219/gareth-vaughan-goes-search-snowball-great-south-road-he-continues-probe-companies
oversees the Companies Office and FSPR
June 14, 2018
Our story begins with Snowball Finance Holdings whose shareholder is the Hong Kong domiciled Snowball Finance International Ltd. Incorporated as a NZ company on February 3, 2016 and formerly known as I Group International Investments Ltd, Snowball Finance Holdings also registered on the FSPR on May 20, 2016. It was registered to provide wholesale and/or generic financial adviser services, broking service including a custodial service, and keeping, investing, administering, or managing money, securities, or investment portfolios on behalf of other persons. As required by law, Snowball Finance Holdings also signed up to a ___________________, being the Financial Dispute Resolution Scheme.
https://www.interest.co.nz/business/94219/gareth-vaughan-goes-search-snowball-great-south-road-he-continues-probe-companies
dispute resolution scheme
MBIE, however, decided to take a look under the hood. __________________ staff visited Snowball Finance Holdings’ business address, which was Level 8, 2 Kitchener Street, Auckland on June 11 last year.
“The occupiers at this address informed our officers that Snowball had no staff at the business address, and were not providing financial services from the business address,” an MBIE spokesman told interest.co.nz.
The Registrar [of Financial Service Providers Ross van der Schyff] was satisfied that Snowball was not in the business of providing financial services at any time after the expiry of three months after registration, and therefore section 18(1)(b) of the Financial Service Providers (Registration and Dispute Resolution) Act 2008 requires that the Registrar must deregister the provider.”
https://www.interest.co.nz/business/94219/gareth-vaughan-goes-search-snowball-great-south-road-he-continues-probe-companies
Companies Office
June 14, 2018
MBIE, however, decided to take a look under the hood. Companies Office staff visited Snowball Finance Holdings’ business address, which was Level 8, 2 Kitchener Street, Auckland on June 11 last year.
“The occupiers at this address informed our officers that Snowball had no staff at the business address, and were not providing financial services from the business address,” an MBIE spokesman told interest.co.nz.
The Registrar [of Financial Service Providers Ross van der Schyff] was satisfied that Snowball was not in the business of providing financial services at any time after the ______________________, and therefore section 18(1)(b) of the Financial Service Providers (Registration and Dispute Resolution) Act 2008 requires that the Registrar must deregister the provider.”
https://www.interest.co.nz/business/94219/gareth-vaughan-goes-search-snowball-great-south-road-he-continues-probe-companies
after the expiry of three months after registration
June 14, 2018
MBIE, however, decided to take a look under the hood. Companies Office staff visited Snowball Finance Holdings’ business address, which was Level 8, 2 Kitchener Street, Auckland on June 11 last year.
“The occupiers at this address informed our officers that Snowball had no staff at the business address, and were not providing financial services from the business address,” an MBIE spokesman told interest.co.nz.
The Registrar [of Financial Service Providers Ross van der Schyff] was satisfied that Snowball was not in the business of providing financial services at any time after the expiry of three months after registration, and therefore section ______________of the Financial Service Providers (Registration and Dispute Resolution) Act 2008 requires that the Registrar must deregister the provider.”
https://www.interest.co.nz/business/94219/gareth-vaughan-goes-search-snowball-great-south-road-he-continues-probe-companies
18(1)(b)
June 14, 2018
MBIE, however, decided to take a look under the hood. Companies Office staff visited Snowball Finance Holdings’ business address, which was Level 8, 2 Kitchener Street, Auckland on June 11 last year.
“The occupiers at this address informed our officers that Snowball had no staff at the business address, and were not providing financial services from the business address,” an MBIE spokesman told interest.co.nz.
The Registrar [of Financial Service Providers Ross van der Schyff] was satisfied that Snowball was not in the business of providing financial services at any time after the expiry of three months after registration, and therefore section 18(1)(b) of the Financial Service Providers (Registration and Dispute Resolution) Act 2008____________________________.”
https://www.interest.co.nz/business/94219/gareth-vaughan-goes-search-snowball-great-south-road-he-continues-probe-companies
requires that the Registrar must deregister the provider
June 14, 2018
“The Registrar initiated deregistration of the above provider on 19 June 2017, giving the provider _______________________ to the proposed deregistration. During the objection period, an objection to the deregistration was lodged, however, sufficient evidence was not provided during the objection period to show that Snowball was in the business of providing financial services. The Registrar remained satisfied that deregistration was appropriate and the financial service provider was deregistered under section 18(1)(b) of the Act on 7 September 2017,” the MBIE spokesman said.
https://www.interest.co.nz/business/94219/gareth-vaughan-goes-search-snowball-great-south-road-he-continues-probe-companies
20 working days to lodge an objection
June 14, 2018
“The Registrar initiated deregistration of the above provider on 19 June 2017, giving the provider ____________to lodge an objection to the proposed deregistration. During the objection period, an objection to the deregistration was lodged, however, sufficient evidence was not provided during the objection period to show that Snowball was in the business of providing financial services. The Registrar remained satisfied that deregistration was appropriate and the financial service provider was deregistered under section 18(1)(b) of the Act on 7 September 2017,” the MBIE spokesman said.
https://www.interest.co.nz/business/94219/gareth-vaughan-goes-search-snowball-great-south-road-he-continues-probe-companies
20 working days
June 14, 2018
“The Registrar initiated deregistration of the above provider on 19 June 2017, giving the provider 20 working days to ____________ to the proposed deregistration. During the objection period, an objection to the deregistration was lodged, however, sufficient evidence was not provided during the objection period to show that Snowball was in the business of providing financial services. The Registrar remained satisfied that deregistration was appropriate and the financial service provider was deregistered under section 18(1)(b) of the Act on 7 September 2017,” the MBIE spokesman said.
https://www.interest.co.nz/business/94219/gareth-vaughan-goes-search-snowball-great-south-road-he-continues-probe-companies
to lodge an objection
June 14, 2018
“The Registrar initiated deregistration of the above provider on 19 June 2017, giving the provider 20 working days to lodge an objection to the proposed deregistration. During the objection period, an objection to the deregistration was lodged, however, sufficient evidence was not provided during the objection period to show that Snowball was in the business of providing financial services. The Registrar remained satisfied that deregistration was appropriate and the financial service provider was deregistered under section _________ of the Act on 7 September 2017,” the MBIE spokesman said.
https://www.interest.co.nz/business/94219/gareth-vaughan-goes-search-snowball-great-south-road-he-continues-probe-companies
18(1)(b)
It’s a sensitive time for MBIE where the FSPR is concerned given the Government is currently formulating a plan to attempt to clean it up. Here’s a simple explanation of the problem from Commerce and Consumer Affairs Minister Kris Faafoi; “Some mainly _____________________have been ‘free-riding’ off New Zealand’s reputation for sound financial markets regulation by using their registration to imply that they are actively regulated in New Zealand when that is not the case.”
https://www.interest.co.nz/business/94219/gareth-vaughan-goes-search-snowball-great-south-road-he-continues-probe-companies
offshore-controlled entities
June 14, 2018
It’s a sensitive time for MBIE where the FSPR is concerned given the Government is currently formulating a plan to attempt to clean it up. Here’s a simple explanation of the problem from Commerce and Consumer Affairs Minister Kris Faafoi; “Some mainly offshore-controlled entities have been ‘_____________’ off New Zealand’s reputation for sound financial markets regulation by using their registration to imply that they are actively regulated in New Zealand when that is not the case.”
https://www.interest.co.nz/business/94219/gareth-vaughan-goes-search-snowball-great-south-road-he-continues-probe-companies
‘free-riding’
June 14, 2018
It’s a sensitive time for MBIE where the FSPR is concerned given the Government is currently formulating a plan to attempt to clean it up. Here’s a simple explanation of the problem from Commerce and Consumer Affairs Minister Kris Faafoi; “Some mainly offshore-controlled entities have been ‘free-riding’ ____________________ for sound financial markets regulation by using their registration to imply that they are actively regulated in New Zealand when that is not the case.”
https://www.interest.co.nz/business/94219/gareth-vaughan-goes-search-snowball-great-south-road-he-continues-probe-companies
off New Zealand’s reputation
June 14, 2018
It’s a sensitive time for MBIE where the FSPR is concerned given the Government is currently formulating a plan to attempt to clean it up. Here’s a simple explanation of the problem from Commerce and Consumer Affairs Minister Kris Faafoi; “Some mainly offshore-controlled entities have been ‘free-riding’ off New Zealand’s reputation for ___________________ regulation by using their registration to imply that they are actively regulated in New Zealand when that is not the case.”
https://www.interest.co.nz/business/94219/gareth-vaughan-goes-search-snowball-great-south-road-he-continues-probe-companies
for sound financial markets regulation
June 14, 2018
It’s a sensitive time for MBIE where the FSPR is concerned given the Government is currently formulating a plan to attempt to clean it up. Here’s a simple explanation of the problem from Commerce and Consumer Affairs Minister Kris Faafoi; “Some mainly offshore-controlled entities have been _______________________________ by using their registration to imply that they are actively regulated in New Zealand when that is not the case.”
https://www.interest.co.nz/business/94219/gareth-vaughan-goes-search-snowball-great-south-road-he-continues-probe-companies
‘free-riding’ off New Zealand’s reputation for sound financial markets regulation
It’s a sensitive time for MBIE where the FSPR is concerned given the Government is currently formulating a plan to attempt to clean it up. Here’s a simple explanation of the problem from Commerce and Consumer Affairs Minister Kris Faafoi; “Some mainly offshore-controlled entities have been ‘free-riding’ off New Zealand’s reputation for sound financial markets regulation by using their registration to imply that they are __________________ when that is not the case.”
https://www.interest.co.nz/business/94219/gareth-vaughan-goes-search-snowball-great-south-road-he-continues-probe-companies
actively regulated in New Zealand
June 14, 2018
Trouble is the FSPR is open to exploitation by overseas based rogues and crooks, some of whom have had a field day. That’s because a company can register on the FSPR if it has a place of business in NZ, regardless of where in the world its financial services are targeted or provided. This means entities can, and do, set up superficial operations in NZ through virtual offices, or by leasing an office and perhaps employing a person to provide back-office services.
These firms typically register to provide financial services that _______________ in NZ, such as foreign exchange, or forex, services. There’s no pre-vetting by a NZ regulator, and they usually don’t tend to offer financial services within NZ. These entities can, however, use their NZ registration overseas to give a false impression that they are actually regulated in NZ and trade off this country’s good name.
https://www.interest.co.nz/business/94219/gareth-vaughan-goes-search-snowball-great-south-road-he-continues-probe-companies
don’t require licensing
June 14, 2018
Trouble is the FSPR is open to exploitation by overseas based rogues and crooks, some of whom have had a field day. That’s because a company can register on the FSPR if it has a place of business in NZ, regardless of where in the world its financial services are targeted or provided. This means entities can, and do, set up superficial operations in NZ through virtual offices, or by leasing an office and perhaps employing a person to provide back-office services.
These firms typically register to provide financial services that don’t require licensing in NZ, such as ____________________. There’s no pre-vetting by a NZ regulator, and they usually don’t tend to offer financial services within NZ. These entities can, however, use their NZ registration overseas to give a false impression that they are actually regulated in NZ and trade off this country’s good name.
https://www.interest.co.nz/business/94219/gareth-vaughan-goes-search-snowball-great-south-road-he-continues-probe-companies
foreign exchange, or forex, services
“Both of these financial service provider applications were reviewed and verified on receipt. The Registrar requested further information from both companies before they were allowed to register on the FSPR. Officers from the New Zealand Companies Office visited the business address of Y&J in January 2018, and were satisfied that the provider was in the business of providing financial services. SNB was registered on the FSPR in March 2018. Officers from the New Zealand Companies Office intend to visit the business address of this financial service provider to ensure compliance with section ______________ of the Financial Service Providers (Registration and Dispute Resolution) Act 2008,” said the MBIE spokesman.
https://www.interest.co.nz/business/94219/gareth-vaughan-goes-search-snowball-great-south-road-he-continues-probe-companies
18(1)(b)
