New rules for advisers outlined by Sec Com

The Securities Commission is pushing on with developing competency standards even though a Commissioner of Financial Advisers has yet to be appointed. (Includes link to full report).

Tuesday, April 21st 2009, 7:06AM

In a discussion document released yesterday the commission outlined some ideas around how competency standards could work.

It also spelt out the timeline, where it was necessary first to appoint a commissioner, who would then appoint a code committee to develop standards, and these would then go through an approval process including the commissioner and the Minister of Commerce.

Securities Commission director of supervision had earlier told Good Returns that the committee would need to be in place by the middle of this year so the new regulations for advisers could be in place by the end of next year. That would give time to appoint the committee, develop the standards, consult with the industry and also give advisers time to reach the required standards.

Yesterday’s discussion paper is designed to get the process moving, even though a commissioner has not been found.

In its introduction the paper says it is being used as an information gathering exercise for the commission and the relevant parties. It also makes it clear it represents “the preliminary thinking of commission staff.”

The intention is for this paper to lay the groundwork for consultation processes and decision making in relation to competence matters.” Submissions close on May 29.

To read the paper in full click here

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