The regulations are designed to simplify implementation of the new financial adviser regime by providing greater certainty for industry as to the scope and obligations of the Financial Advisers Act, and will help minimise unnecessary compliance costs.
The further regulations provide technical detail in several areas, specifically providing definitions for a number of key terms in the Financial Advisers act, a voluntary authorisation procedure which enables registered advisers to gain a higher level of accreditation and exemptions for various categories of person from certain provisions of the act.
Power also said he was sympathetic to the effect the February 22 earthquake has had on the ability of financial advisers in the Canterbury region to comply with registration and authorisation deadlines for the financial adviser regime.
"I can announce that a three month extension of each deadline is being considered as the most appropriate means of granting temporary relief. An announcement of the final shape of any regulatory relief package is due to be announced before March 31."
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