FSP Registration in New Zealand
In line with the law, a legal entity operating in the New Zealand monetary market can obtain registration as a Financial Service Provider (FSP). When an institution obtains FSP status in New Zealand, it is permitted to carry out the following activities:
- Portfolio management on behalf of customers;
- Running a money transferring service;
- Foreign exchange, issuance of means of payments.
Once the registering procedure is over, FSPs need to acquire suitable authorization for their operation – a registration. Under the law, institutions intending to deliver services in New Zealand must obtain at least one authorization among the six listed below.
The registration for:
- DIMS (discretionary investment management service);
- MIS (managed investment scheme);
- Derivative issuer;
- Independent trustee.
Obligations for FSPs in New Zealand
- FSPs must make an appropriate annual record with the Registrar and pay the required fees. Failure to comply may result in a fine of up to 250,000 USD.
- FSPs are obliged to submit annual financial performance reports verified by auditors.
- FSPs must comply with the DSR scheme rules for dispute resolution unless their clients are institutional investors or entities with high-value assets.
- For each offer, FSPs must submit a guideline to the NZ FMA with details about the offered assets and issuing parties.
- Before delivering services, FSPs must develop a clear investment plan understandable to non-professional investors.
- FSPs must maintain records of all tradable financial assets and ensure annual audits.
The process of securing FSP registration in New Zealand
- Choosing and reserving the legal entity name.
- Company incorporation.
- Tax registration.
- Bank account setup.
- FSP registration.
- Application for authorization.
- Joining a dispute resolution scheme (DRS).
Please contact us for more information.
You can view our current offers under Cryptocoins and registration of cryptocurrency operations, Ready-made companies, Banks for sale, and Registrations for sale.
