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Dear Contact,

Welcome to the FSC Connect round-up for the week. As we settle into Level 3, the FSC continues to focus on guiding, supporting and educating the sector and consumers. 

This week, our webinars focused on updates about the financial advice regime implementation through the Get In Shape series, all of which are now available on our FSC Connect YouTube channel, and contain really honest and helpful insights from those in the advice community. Find out more about the changes at Navigating Regulation and Get in Shape.

Have a safe and relaxing weekend in your extended bubbles. 
Guidance and insight
Financial Markets (Conduct of Institutions) Amendment Bill.
The FSC submitted the response to the Finance and Expenditure Committee on the Financial Markets (Conduct of Institutions) Amendment Bill on behalf of members this week.

Following an extension to the 30 April 2020, the member-led submission was developed following workshops with MBIE representatives, FSC focus groups and over 70 contributions from member representatives.

In the submission, the FSC recommended that the conduct of financial institutions regime is postponed and a new timetable developed when Covid-19 is controlled, there is better understanding of its financial consequences and following the commencement of the new financial advice regime in early 2021.

This will allow businesses to focus on supporting customers during a period of economic uncertainty and when the financial advice regime is fully embedded before this further overlapping regime is implemented.  

Minister Faafoi CEO and Director Roundtable
In place of our regular FSC Connect webinar on Tuesday 5 May, we are delighted to announce that Minister Faafoi will be attending our latest member CEO and Director Roundtable.
Regulatory Updates
Extension to the GST policy issues paper response deadline
The submission to the Inland Revenue Department GST Policy Issues Paper has now been extended from Friday 8 May to 22 May 2020. Whilst the Paper covers a large number of topics, the FSC submission looks to focus specifically on the GST rules as they apply to unit trusts and superannuation funds. The Tax Advisory Group are working to finalise the submission for the new deadline. Get in touch if you would like to be involved.

FMA writes to insurance member bodies
The Financial Markets Authority wrote to the Financial Services Council, Insurance Council of New Zealand and Health Funds Association of New Zealand acknowledging the work insurers have done to respond to the needs of their customers during the COVID-19 crisis. Read the letter here.

Regulatory Outlook - Latest Edition
This monthly FSC publication identifies current and expected policy activity. The Regulatory Outlook enables the FSC to actively follow current consultations and shape the future of legislation and regulation in New Zealand. FSC Members can get in touch to receive a copy of the April edition. 
Workplace Savings Update and Webinar
The Workplace Savings Committee has created an FSC Connect update of recent regulatory relief offered to workplace savings schemes, and includes an update on the following:
  • Financial Markets Conduct (Financial Reporting and Other Relief - COVID-19) Exemption Notice 2020
  • Epidemic Preparedness (Oaths and Declarations Act 1957) Immediate Modification Order 2020
  • Financial Markets Conduct (Restricted Schemes - Custodian Assurance Engagement) Exemption Notice 2020

Gavin Quigan (Principal Adviser - Restricted Managed Investment Schemes) from the Financial Markets Authority will join us to discuss recent regulatory relief, give insight into relevant issues being encountered during COVID-19 Alert Levels 4 and 3, and provide an outlook on what the coming months may hold. 
Register for 8 May via ZOOM
Educating the community
FSC Connect Webinars
Your feedback on the FSC Connect Webinar series has been very positive, with close to 1850 registered across 11 webinars over the past four weeks, and a satisfaction rate of 98%. Look out for more webinars as we continue the series through level 3.
Let us know what you think
Let us know what you think about how we are communicating though lockdown, we would welcome your comments in our quick survey.
FSC in the Media
Many of you will have seen the Financial Services Council voice in a range of media. Take a look at a selection of articles and commentary since 1 March 2020.
Our people
We have set up remote working capabilities for our team who will be working to support actions around Covid-19 alongside our day-to-day priorities. Please get in touch if you have any queries, the team are here to help.

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