Registering an FSP as an entity

Transcript

Duration: 8:06

Visuals

A title screen appears with the words ‘Registering an Entity on the Financial Service Providers Register (FSPR).’

Audio

Welcome to this short video on how to register an entity or business on the Financial Service Providers Register. As this is a new system, we recommend you watch this video the end, as we will walk you through the steps you need to take to register and explain what happens when you've done so. If you are registering for the first time, you may want to have this video running on another device or screen as we go through the process.

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A screen appears that listing some points to note about registering as an entity (Note the audio reads the wording on the screen).

Audio

• A company, or other business entity, can apply to register as a financial service provider (FSP).
• If the entity is already registered with the Companies Office, for example on the Companies Register, certain details in the application will be supplied automatically from whichever register holds that information.
• Entities that are not registered with the Companies Office will need to enter these details manually.
• Before you register as an FSP, you’ll need to have decided what financial services you intend to provide.

If you are yet to make these important decisions, we recommend seeking expert advice.

Visuals

A screen appears that lists what’s required to register online (Note the audio reads the wording on the screen).

Audio

To register online you’ll first need to have a RealMe® username and password, and an online services account with the FSPR. If you’d like to know more about setting these up, links to our online guide is provided in the steps described on our website.

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The Companies Office website home page appears. You see the cursor moving to the Financial Service Provider Register tile in the website header.

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You can login to the FSPR by visiting companiesoffice.govt.nz. From the home page select ‘Financial Service Providers Register’ at the top.

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The home page of the Financial Service Providers Register website appears. You see the cursor moving to, and selecting, the Login button in the website header.

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Then select login.

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The Companies Office RealMe login page appears. You see the Username and Password fields being completed and the cursor moving to, and selecting, the Login button.

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Enter your RealMe username and password, then select Login. This will take you to your FSPR dashboard.

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The FSPR dashboard page appears. From the section titled ‘I would like to…’ you see the cursor moving to, and selecting, the ‘Register FSP (Entity) option.

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From the dashboard menu, select ‘Register an FSP Entity’.

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The ‘Register FSP (Entity)’ screen appears displaying the General details part of the application. You see the cursor moving to the Search for Entity field and entering a company number to initiate a search.

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If your entity is already registered with the Companies Office (for example on the Companies Register) search for it by typing its name, company number or NZBN number in the search field. Select the registered entity and its primary details will be displayed.  

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The ‘Register FSP (Entity)’ screen appears displaying the General details part of the application with the entity details from the search displayed. You see the cursor moving to, and selecting, one of the question mark icons beside one of the field labels and a help window pop-up showing some help text.

Audio

Before we continue, it is important to note that additional information about each step can be found by selecting the help icon.

Visuals

The cursor scrolls down the ‘Register FSP (Entity)’ screen showing the fields that need to be completed under the General details part of the application.

You’ll see the cursor moving to, and selecting, the ‘Yes’ option beside the question ‘Does this FSP expect to provide financial services to persons in New Zealand above the minimum threshold?’

You’ll then see the cursor moving to, and selecting, the ‘Yes’ option beside the question ‘Is this FSP a reporting entity under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 that provides financial services?’ Once ‘Yes’ is selected, another set of fields is displayed where you select who the AML/CFT supervisor is.

The cursor then moves to and selects April from the drop-down list for the 'Annual Confirmation Filing Month' field.

Finally the cursor moves to, and selects, the button at the bottom of the screen labelled ‘Next Step: Addresses’.

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You'll also need to confirm whether or not your business expects to meet the minimum business threshold.

Next, you will need to declare whether or not you are a reporting entity under the Anti-Money Laundering and Countering Financing of Terrorism Act. If you’re a reporting entity you must indicate who your supervisor is. More information about the business threshold and reporting entities is available in the help guides on our website.

Finally you’ll also be asked to select the month that you wish to file your annual confirmation. The filing date defaults automatically to the current month, but you have the option to change the month as long as it’s not December or January.

Once you are happy with the information, select ‘Next Step: Addresses’.

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The ‘Register FSP (Entity)’ screen appears displaying the ‘Addresses’ part of the application. The cursor scrolls down the screen showing the address fields that need to be completed under this part of the application.

Finally the cursor moves to, and selects, the button at the bottom of the screen labelled ‘Next Step: Directors’.

Audio

On the addresses screen, you’ll need to enter the New Zealand address that your business operates from. This must be a physical address and can’t be a PO Box or Private Bag.

Then you’ll need to provide an address that will be used to receive communications from the Registrar. Please note that this address will not be publicly available.

Finally, please provide your business’s email address. Once again, this information won’t be publicly listed and will be used for communication purposes only.

Once you are happy with the information, select ‘Next step: Directors’.

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The ‘Register FSP (Entity)’ screen appears displaying the ‘Directors’ part of the application. The cursor moves to, and selects, the ‘Add director’ button. A list displays 2 director types - individual or entity. Once the ‘Individual’ option is selected, you see the set of fields required to record the details of a director that is an individual – their

• name,
• gender,
• date of birth,
• other names and
• residential address.

Finally the cursor moves to, and selects, the button at the bottom of the screen labelled ‘Next Step: Controlling Owners’.

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You’ll need to provide details about the directors of the FSP. You must have at least one director.

Select the ‘Add director’ button, select whether or not the director is an individual or entity; then fill in the information required.

Once you have done this select ‘Next step: Controlling Owners’.

Visuals

The ‘Register FSP (Entity)’ screen appears displaying the ‘Controlling Owners’ part of the application. The cursor moves to, and selects, the ‘Add Controlling Owner’ button. A list displays 2 controlling owner types - individual or entity. Once the ‘Individual’ option is selected, you see the set of fields required to record the details of a controlling owner that is an individual – their:

• name,
• gender,
• date of birth,
• other names and
• residential address.

Finally the cursor moves to, and selects, the button at the bottom of the screen labelled ‘Next Step: Senior Managers’.

Audio

On this screen, you’ll be asked to provide details about the any controlling owners of the business or entity. If applicable, select ‘Add Controlling Owner’ and enter the required information. Once you are done, select ‘Next step: Senior Managers’.

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The ‘Register FSP (Entity)’ screen appears displaying the ‘Senior Managers’ part of the application. The cursor moves to, and selects, the ‘Add Senior Manager’ button. You see the set of fields required to record the details of a senior manager. Namely their:

• name,
• gender,
• date of birth,
• other names and
• residential address.

Finally the cursor moves to, and selects, the button at the bottom of the screen labelled ‘Next Step: Financial Services’.

Audio

You'll be asked to provide details about any senior managers. A senior manager is an individual who is not a director, but occupies a position to exercise significant influence over the management or administration of an FSP, for example a CEO or chief financial officer.

Enter the details as you did with the directors and controlling owners.

Once you are happy with the information, select ‘Next step: Financial Services’.

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The ‘Register FSP (Entity)’ screen appears displaying the ‘Financial services’ part of the application. The cursor scrolls down the screen showing the fields that need to be completed under this part of the application.

The cursor moves to, and selects one of the options in the list of financial services.

The cursor then moves down the screen to the Dispute Resolution Scheme section. You’ll see the cursor moving to, and selecting, the ‘Yes’ option beside the question ‘Are you providing any financial services to retail clients?’

Finally the cursor moves to, and selects, the button at the bottom of the screen labelled ‘Next Step: Declaration’.

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On the ‘Financial Services’ screen, select the financial services that your business intends to provide by ticking the relevant checkbox. Depending on the services you select, you may need to provide additional information, or apply to a licensing authority.

If you are providing a financial service to retail clients you’ll need to confirm this. Scroll to the bottom of the screen and click ‘Yes’ under ‘Are you providing services to retail clients’. You’ll need to apply to join an approved disputes resolution scheme and enter those details on the register within 10 days of your registration being confirmed. For more information about choosing a DRS, please see our online guide.

Once you have selected your services, select ‘Next step: Declaration’.

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The ‘Register FSP (Entity)’ screen appears displaying the ‘Declaration’ part of the application. The cursor scrolls down the screen showing the fields that need to be completed under this part of the application.

The cursor moves to, and selects, the checkbox beside ‘I have read and confirmed the declaration above’.

Lastly the cursor moves to, and selects, the button at the bottom of the screen labelled ‘Next Step: Review’.

Audio

Make sure you take the time to carefully read the declaration statement. Once you have done this, you’ll need to confirm that you have been authorised to complete this application and have read and understood the declaration

Once you have done this, select ‘Next Step: Review’ to check the information you have entered.

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The ‘Register FSP (Entity)’ screen appears displaying the ‘Review’ part of the application. The cursor scrolls down the screen showing the fields that you'll need to check before submitting your application.

The cursor moves to, and shows, the checkbox has been selected beside ‘I confirm that, to the best of my knowledge, the information I have provided is true and accurate.

Finally the cursor moves to, and selects, the button at the bottom of the screen labelled ‘Submit’.

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On the review screen take a moment to check that the details you've entered are correct. Confirm that the information you’ve provided in your application is true and correct.

Finally click on ‘Submit’.

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The screen appears showing that your application has been sent to our staff for review.

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Your application will be submitted to the Companies Office for review. You will receive an email confirming that your application has been submitted.

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A screen appears that describes what will happen next (Note the audio reads the wording on the screen).

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What happens next?

• You will receive an email confirming that your application has been submitted.
• Once we have reviewed your application, we’ll contact you by email, advising you to make payment, or letting you know if there are any issues that need resolving.
• We’ll also need to carry out a criminal history check. This will take usually 2 to 5 working days. If there are no problems, we’ll send you confirmation that your registration is complete. You can then provide services not requiring a licence.
• If you've applied to offer licensed services only, you’ll need authorisation from a licensing authority, for example the Financial Markets Authority (FMA), for at least one of those services, before we can complete your registration.
• After your registration has been confirmed, you’ll need to provide us with your dispute resolutions scheme membership details, if this applies to you. This must be done no later than 10 working days after registering. If you do not provide this information within this time frame, we’ll begin de-registration.

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A screen appears that shows the website address for the FSPR Help centre - https://fsp-register.companiesoffice.govt.nz/help-centre.

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For more information on navigating the new FSPR, be sure to check out our other videos or refer to the online help guides on our website.