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Startup Team

START UP

Know before you go to market, be informed, be prepared.

Start Up: Services

TOP TIPS

Below are a selection of the key areas of legislation that you may need to consider in terms of application to your start up. These may be relevant to you forming a Business,  to influence your product design, or to support conversations with potential clients. 

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Use the find out more buttons for helpful tips and links. We are here to help

 

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Setting up a Business

Have you set up a Business yet? Even if it is just you or you and a mate or two you will be subject to Companies Act and the obligations that go with it?

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Data Privacy

Does your product involve the collection, use or retention of personal information.
Under Privacy rules you will need to be able to trace your data and evidence that it is only being used by the people that need to use it and for the purpose it was obtained, and for the duration of that activity.

Offshoring

Does your product serve large banks? Does your product rely on services supplied by offshore companies e.g. developers, cloud services ? You may need to consider Banking Standards BS11 rules to do business with then or to navigate their procurement requirements.

Health & Safety

You may see the term PCBU a ‘Person Conducting a Business or Undertaking’ this is likely to be you (unless you are a voluntary organisation with no paid employees) if so then you have a responsibility for people’s health and safety at work.
This may mean the care of  yourself, your employees, customers, even the public. You must have practices in place for your duty of care.

Anti Money Laundering / Know Your Customer

Does your product involve the movement of money?

Under AML rules you will need to be able to ensure that the money is sourced legally and for use legally. 

It's important to know your customer is genuine.

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Financial Services Legislation

Are you / does your product / does your Client provide Financial Advice ? If so there are regulations about who can do so and how 

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Start Up: List

NEED TO KNOW

How many people are engaged in your Business?


You may need to know about

  • Employment Law

  • Holidays Act

  • Health & Safety Law

  • Company Law 

  • Directors Duties

Does your product use or hold personal information about a person or persons?


You may need to know about

  • Privacy Act

  • General Data Protection Regulation (GDPR)

Does your company transact with cash or credit?


You may need to know about

  • Anti Money Laundering (AML)

  • Payment Card Industry Data Security Standard (PCI DSS)

Select the push links above to view more on the referenced legislation

Start Up: FAQ

Want more help?

Take at look at the links below or contact  the who can help for more support with managing your Privacy obligations

Council of Financial Regulators - FinTech Forum

This forum recognizes the challenges you may face as an innovator in navigating financial services regulations. Further, depending on the nature of your innovation, it may be subject to oversight from a number of different regulators.

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If you have an innovative FinTech idea, product or service and require information or guidance on any regulatory matters, this forum can help.  

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The forum does not provide direct support or work in partnership with individual innovators, but helps you understand the requirements you may need to comply with as you develop your idea, product or service.

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Start Up: Clients
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