New Zealand: Regulatory Waiver and Other Recognition

The Regulator

The Financial Markets Authority (FMA) is the government agency responsible for the regulation of New Zealand's financial system.

Requirements to Practice

The FMA requires those wishing to be recognized as AFAs to pass Unit Standard Sets A, B, C, and D of the National Certificate in Financial Services (Financial Advice) (Level 5). The National Certificate is listed by the New Zealand Qualifications Authority (NZQA) as being a level 5 diploma qualification.

The Waiver

The revised (effective 1 May 2014) Code of Professional Conduct for Authorised Financial Advisers (Code) recognizes the CFA Charterholder designation as having satisfied the requirements of Unit Standard Sets A and D only.  

The Code no longer recognizes the CFA Charterholder designation or any other alternative qualifications or designations as satisfying the requirements for Unit Standard Set C.

Other Recognition

Under the Trans-Tasman agreement, Australia and New Zealand have agreed to mutually recognize each other’s professional investment credentials. Thus, a New Zealand CFA Charterholder who has relied on his/her waiver from Unit Standards Sets A, C, & D under The Code of Professional Conduct to qualify as an Authorized Financial Adviser (AFA) may now also practice in Australia.