1. Compliance
  2. Exemptions
  3. Current exemption notices
  4. Financial Markets Conduct Act exemptions
  5. Financial Markets Conduct (Merrill Lynch, Pierce, Fenner & Smith Incorporated) Exemption Notice 2021

Financial Markets Conduct (Merrill Lynch, Pierce, Fenner & Smith Incorporated) Exemption Notice 2021

Page last updated: 16 March 2021
Name of noticeFinancial Markets Conduct (Merrill Lynch, Pierce, Fenner & Smith Incorporated) Exemption Notice 2021
Gazette Notification Date2021-03-12
Date In Force2021-03-15
LI NumberN/A
ActFinancial Markets Conduct Act 2013
TypeIndividual Exemption Notice
Expiry Date2026-03-14

Summary: The Financial Markets Conduct (Merrill Lynch, Pierce, Fenner & Smith Incorporated) Exemption Notice 2021 replaces the Financial Advisers (Merrill Lynch, Pierce, Fenner & Smith Incorporated) Exemption Notice 2016 (2016 Exemption Notice). This notice continues the effect of the 2016 Exemption Notice and is made as a consequence of the Financial Services Legislation Amendment Act 2019 which introduces a new regulatory financial advice regime, moving the obligations relating to the holding of client money and client property together with some minor updates and clarification to the Financial Markets Conduct Act 2013 and Financial Markets Conduct Regulations 2014.

The exemption applies only in respect of services provided by Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S) to a defined sub-set of New Zealand clients (New Zealand clients) that hold limited purpose brokerage accounts to facilitate the settlement of shares. The conditions of the exemption require MLPF&S to hold client money and client property received from New Zealand clients in accordance with applicable requirements in the United States of America. MLPF&S must also provide information to the Financial Markets Authority and inform new New Zealand clients that their money and property is being held in that manner.