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FSP Registration in New Zealand
Forex FSP application to trade as a Foreign Exchange dealer
Distributors Issuer License (DIL)
It is our function atTBA & Associates Ltd, to facilitate the organisation, submission and negotiation of FSP Registration applications for TBA clients and to present these to FSPR and FMA in the best possible way.
Part of this work consists of collatingand presenting all available background information from TBA’s clients in support of the FSP application.
As to the responsibility of preparing a substantial Business Plan as the main part of the application, we have observed that some clients have difficulty in preparing such a cogent document in an acceptable format to FSPR/FMA. In addition, there are constant changes and rulings from FMA that render previous styles of Business Plans unacceptable, because these older style Business Plan do not emphasise or stress important issues that FSPR/FMA are looking for in a FSP application.
Subsequent to starting work on a Forex FSP application to trade as a Foreign Exchange dealer on behalf of its NZ and overseas retail clients, FMA has come out with a new edict. This states that a FSP dealing in Forex on behalf of its clients must now obtain a Distributors Issuer License (DIL) as well in order to do so.
In order to qualify for a DIL, an organisation has to establish a substantial support business in NZ in order to do so. The application for a DIL is a complex and time consuming process and has to answer many difficult questions from FMA in the process.
We suggest all clients wishing to apply for a FSP application to act as a Forex dealer, to apply for a DIL as well. This is as a result of this unfortunate edict from FMA, which came to light only less than three months ago and is affecting lots of NZ registered companies, about being deregistered as a FSP.
Should you have any related issue, please do not hesitate to contact our own offices in Wellington; one of our experts will be ready to provide you all the assistance you may need.