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Currency regulation

Posted in Currencies

There is no general regulation or licensing of currency dealers in New Zealand.

Some are members of the New Zealand Financial Markets Association (NZFMA) but that trade association does not do market regulation of any kind. IMPORTANT NOTE: The NZFMA has no relationship at all to the official Financial Markets Authority (FMA).

The FMA does license a range of activities, and that includes dealing in forward exchange contracts, as an Authorised Futures Dealer.

The Financial Markets Authority’s role in authorising a futures dealer is limited and does not imply approval or endorsement of the business, trading or solvency of them, nor approval any of agreements or disclosure documents.

Most will need to be a Registered Financial Service Provider under the Financial Services Providers (Registration and Dispute Resolution) Act 2008.

And, all will need to be signed up to an independent dispute resolution scheme that is approved by the Ministry of Consumer Affairs.

Check with your currency dealer for all of these obligations.