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New Zealand to introduce stricter rules for financial registry

New Zealand plans to tighten rules for businesses seeking tobe included in the country's Financial Services Providers Register in an effortto curb misuse of the registry, The NewZealand Herald reported July 13.

Under the proposed changes, only entities that providefinancial services in New Zealand through a local business will be allowed toregister. The government also plans to tighten other registration requirementsfor businesses.

The registry is a list of people, businesses andorganizations that offer financial services in the country, but may not beregulated by authorities. New Zealand aims to eliminate from the list entities,which misrepresent themselves as regulated entities in New Zealand.

The government is considering other measures to address theissue, including requiring overseas applicants to be licensed or supervisedfirst in their home jurisdiction before they can apply. The government may alsoprohibit overseas advertising of a firm's registered status in New Zealand.