Treasury Client Qualifications
Who are our ideal Clients?
We prefer to work with Clients that are committed to focusing their economic power in to healthy green projects that have a positive impact on the world around us. We prefer to work with Clients that have a private foundation that poised to improve the quality of life for the benefit of others. Upon successful on-boarding, we can disclose more details on how to ‘gear’ your organization towards healthy green projects.
In accordance with Section 49 of the New Zealand Financial Service Providers (Registration and Dispute Resolution) Act 2008, a client is an eligible investor if the client is an entity to which at least 1 of the following applied at the end of each of the last 2 completed accounting periods – at the balance date, the net assets of the entity exceeded $1 million and 2, the turnover of the entity for the accounting period exceeded NZ $1 million, and/or is a related body corporate (within the meaning of section 12(2) of the Financial Markets Conduct Act 2013) of an entity to which paragraph (c) applies as a person who is a wholesale investor (within the meaning of clause 3(2) of Schedule 1 of the Financial Markets Conduct Act 2013, except that the relevant time for the purpose of applying that schedule under this paragraph must be treated as the time immediately before the service is received by the client) and/or is a person who is, in relation to an offer of financial products, a wholesale investor (within the meaning of clause 3 of Schedule 1 of the Financial Markets Conduct Act 2013), if the service relates to that offer or to financial products that have been acquired by that person under that offer, and/or is a person who is, in relation to an offer of financial products, a close business associate of the offeror (within the meaning of clause 4 of Schedule 1 of the Financial Markets Conduct Act 2013), if the service relates to that offer or to financial products that have been acquired by that person under that offer, and/or is a person who is, in relation to an offer of financial products, a relative of the offeror or a relative of a director of the offeror within the meaning of clause 5 of Schedule 1 of the Financial Markets Conduct Act 2013), if the service relates to that offer or to financial products that have been acquired by that person under that offer, and/or is an eligible investor under section 49A, and/or if the financial service is a financial adviser service or a broking service, a person who is a wholesale client in respect of that service under the Financial Advisers Act 2008. Also noteable is that if subsection (2) applies to a person (A), it applies equally to any controlling owner, director, employee, agent, or other person acting in the course of, and for the purposes of, A’s business to the same extent as it applies to A.
Remember also that in this section, an entity includes a body corporate and an unincorporated body (including partners in a partnership, members of a joint venture, or the trustees of a trust) and the sole trustee of a trust acting in his, her, or its capacity as trustee of that trust; but does not include an individual.
The incumbent New Zealand Wholesale Client Qualifications Act:
http://www.legislation.govt.nz/act/public/2008/0097/latest/DLM3080331.html
Initial Client On-boarding:
In accordance with Section 49 of the New Zealand Financial Service Providers (Registration and Dispute Resolution) Act 2008, a client begins the Client on-boarding process by:
- Certifies in writing that the they understand that as a consequence of certifying himself, herself, or itself to be an eligible investor, the financial service institution may not be a member of an approved dispute resolution scheme and;
- states the reasons for this Certification and;
- Treasury Exchange signs a written acceptance of the clients Certification in accordance with section 49B.
Also, a certification may be specific to a particular service or class of services or may be general (but is effective only in relation to services provided after all of the requirements are met.
Wholesale Client definitions: 49.(2):
http://www.legislation.govt.nz/act/public/2008/0097/latest/DLM1633910.html
