Financial services lockdown update - FMA hopes to add to list
Financial services are currently not included as ‘Alert level 4 businesses or services’ in the Public Health Response (Alert Level Requirements) Order (No 9) 2021.
Thursday, August 19th 2021, 3:18PM
However, firms are still able to go on-site to maintain critical systems/infrastructures which cannot be completed remotely. This is covered under clause 18 (2) of the Order.
There is also a provision (Schedule 2, number 29) to operate “Businesses or services necessary to maintain other Alert Level 4 businesses or services”.
This includes back-office functions, treasury, payment, settlement, registry functions, or other similar activities.
Under Alert level 4, financial services firms may not currently provide any services face-to-face with the public. In all cases, if employees need to work on-site, they should be strictly limited.
"The FMA has been working with the RBNZ and MBIE on developing a list of financial services we consider essential to the functioning of New Zealand’s markets," says the FMA in a statement.
"We are working towards having these included in the next round of amendments or receiving a class exemption from the Order. We anticipate what may be considered essential financial services to be narrower than in previous Alert Level 4 scenarios."
The FMA will provide more clarity on the role of financial services at Alert Level 4 shortly. If you have any concerns, get in touch.
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