Previously, financial services entities were able to obtain Financial Services Provider (FSP) registration and offer short-term derivative contracts (i.e. those that are settled within 3 days) to both retail and wholesale clients based in New Zealand without the need to be formally licensed by the FMA.
This meant that these entities could operate a trading platform with limited regulation in a respected jurisdiction. However, the lack of regulation around short-term derivative trading and other derivative products led to a vast number of retail client complaints to the FSP.
Victoria works primarily with the legal services team at Sophie Grace Legal and assists in the drafting and review of legal documentation for participants in the financial services industry. Victoria also supports the Compliance Consultants in the provision of AFSL, ACL and on-going compliance services to clients. Victoria provides advice and legal services to clients and assists with the preparation of legal documentation, negotiation and advocacy on behalf of clients. Victoria also assists in implementing ongoing compliance support and the preparation of AFSL and ACL applications and variations. Victoria is admitted as a Barrister and Solicitor in New Zealand and as a Solicitor in New South Wales.