These regulations, which come into force on 15 March 2021, amend the Electronic Identity Verification Regulations 2013 (the 2013 regulations). The 2013 regulations declare certain entities to be participating agencies (meaning that they are entitled to use the Electronic Identity Verification Service to verify a person’s identity by electronic means in accordance with the Electronic Identity Verification Act 2012).

These regulations make changes to the list of participating agencies as a consequence of the Financial Services Legislation Amendment Act 2019. That Act, among other things, introduces a new regime for financial advice services under the Financial Markets Conduct Act 2013 (the 2013 Act). Under the 2013 Act, financial advice services are provided under a market services licence. Holders of market services licences are already participating agencies.

The changes replace references to authorised financial advisers and qualifying financial entities with references to—

• authorised bodies under the 2013 Act. Authorised bodies provide market services under a market services licence (for example, financial advice services); and

• financial advisers under the 2013 Act. Financial advisers give financial advice on behalf of persons that hold, or are authorised bodies under, a market services licence.