What are their duties and obligations under the Fmca?

The FMCA regulates client money or property services (formerly “broking services”), including:

• Obligations for handling client money and client property;
• Conduct obligations;
• Disclosure obligations for services for retail clients.

Thereof What is an FMC reporting entity? The FMC Act defines an FMC reporting entity as any person or company that is: an issuer of a regulated financial product. … an operator of a licensed financial market (other than a market licensed under an overseas-regulated market)

What is the purpose of Fslaa? The Financial Services Legislation Amendment Act (FSLAA) establishes a new regulatory regime for financial advice and financial advisers in New Zealand.

Similarly, What is a regulated financial advisor?

To qualify as regulated, a firm needs to be a registered legal body. This means the financial advice company has capital adequacy, advisors with relevant qualifications to practice, and controls and systems enabling them to look after clients.

What is the difference between a financial advisor and a nominated representative?

Financial adviser An individual who is registered on the FSPR and can be engaged by a financial advice provider to give advice on the provider’s behalf. Nominated representative An individual who is not registered on the FSPR and can be engaged by a licensed financial advice provider to give advice on its behalf.

Who is a reporting entity under AML CTF Act? Reporting Entities are businesses supervised under Section 5 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. Reporting entities need to be familiar with their obligations under the AML/CFT Act. These obligations can include: undertaking Prescribed Transaction Reporting.

Who is a reporting entity?

A reporting entity is a business with an obligation to prepare external financial reports for the benefit of parties with an interest in its operations, such as suppliers and investors. The term “accounting entity” can be used in a similar way.

Are financial advisers reporting entities? The reporting entities supervised by the FMA are set out in section 130 of the AML/CFT Act.
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More information about the AML/CFT list of reporting entities.

What is Fslaa NZ?

The Financial Services Legislation Amendment Act (FSLAA) is major legislation change that will affect anyone that gives financial advice in New Zealand. There are four key elements to the FSLAA changes being introduced by the New Zealand Government: Code of Conduct, Disclosure, Licensing and Fees & Levies.

Who provides a client money or property service? Financial products custodians

They hold client money or property solely for the purpose of completing a transaction, securing an obligation, or both. The custodian and all their associates provide the services to no more than five clients in aggregate. They are a trustee of a family trust for the trust’s assets.

What is a nominated representative? Nominated representative (in the new regime)

An individual engaged by a licensed financial advice provider to provide regulated financial advice on their behalf.

Do financial advisors need to be Authorised? All financial advisors have to be approved or authorised by the FCA . … An advisor or firm has to tell you in writing whether they offer independent or restricted advice, but if you are not sure which they offer you should ask for more information.

What qualifications do I need to be a financial advisor?

You’ll need:

• customer service skills for finding out customer needs.
• knowledge of economics and accounting for understanding financial markets and products.
• maths knowledge for creating financial plans.
• the ability to sell products and services.
• excellent verbal communication skills.
• active listening skills.

How do I find out if a company is FCA Authorised?

In the UK, nearly all financial service activities must be authorised by the FCA. You can search the Financial Services Register (the Register) for firms and individuals, and the activities for which firms have permissions. Always check the firm you’re dealing with is listed on the Register.

Does a nominated representative need to be registered? Nominated representative (in the new regime)

Nominated representatives do not need to register on the Financial Service Providers Register.

Does a nominated representative need to be licensed? The legislation requires financial advisers to register on the Financial Service Providers Register, whereas a nominated representative does not need to.

What disclosure information must a financial advice provider FAP give if it receives a complaint?

A description of any material conflicts of interests, an explanation of the circumstances in which material commissions or other incentives will be received and a brief explanation of how any conflicts will be managed. Complaints handling and dispute resolution.

What is Republic No 9160? — It is hereby declared the policy of the State to protect and preserve the integrity and confidentiality of bank accounts and to ensure that the Philippines shall not be used as a money laundering site for the proceeds of any unlawful activity.

What is customer due diligence process?

Customer due diligence is the processes used by financial institutions to collect and evaluate relevant information about a customer or potential customer.

Does the AML CTF Act apply to brokers? The AML/CTF Act covers the financial sector, gambling sector, bullion dealers and other professionals or businesses (‘reporting entities’) that provide particular ‘designated services’ and it is relevant to mortgage brokers.

What are the three types of financial statements?

They are: (1) balance sheets; (2) income statements; (3) cash flow statements; and (4) statements of shareholders’ equity. Balance sheets show what a company owns and what it owes at a fixed point in time. Income statements show how much money a company made and spent over a period of time.

What is period reporting? A reporting period is the span of time covered by a set of financial statements. It is typically either for a month, quarter, or year. Organizations use the same reporting periods from year to year, so that their financial statements can be compared to the ones produced for prior years.

What are special purpose financials?

Special purpose financial statements are financial reports that are intended for presentation to a limited group of users. Generally, these types of statements are required by a government entity when they wish to present specific information laid out in a reporting framework.

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