想做一个类似 Sharesies 的平台？Building a Sharesies-style platform?
真正接受客户资金之前需要什么资质、按什么顺序推进。具体义务取决于你的业务模式，必须由金融服务律师确认。
What you need before taking client money, and in what order. Your exact obligations depend on your business model and must be confirmed by a financial services lawyer.
没有相应注册和牌照就接受客户资金或向公众发售金融产品，在新西兰、澳洲和美国都可能构成违法。以下内容基于公开的监管机构资料整理，不构成法律意见。
Taking client money or offering financial products to the public without the right registrations and licences can be unlawful in NZ, Australia and the US. Compiled from public regulator material — not legal advice.
第一步：先决定业务模式Step 1: choose your business model
牌照取决于你“做什么”，而不是你“叫什么”。Licensing depends on what you do, not what you call it.
A. 介绍 / 引流模式A. Referral / introducer
你做内容、教育和用户体验，交易、托管和 KYC 由持牌合作方完成（白标或券商 API）。
You handle content, education and user experience; a licensed partner does trading, custody and KYC (white-label or broker API).
仍需要：确认你的推广是否构成受监管的“财务建议”或“安排交易”；与合作方签分销协议；广告合规。
Still needed: confirm your promotion isn't regulated advice or arranging; a distribution agreement with the partner; compliant advertising.
B. 执行型托管平台B. Execution-only custodial platform
客户自己选择股票/ETF，你代为执行交易并通过托管/名义持有公司持有资产。
Clients choose shares and ETFs themselves; you execute trades and hold assets through a custodian or nominee company.
新西兰通常需要：FSP 注册、纠纷解决机制会员、托管人义务（客户报告与审计鉴证）、AML/CFT 义务；接入 NZX 需通过持牌交易参与者。
In NZ, typically: FSP registration, dispute scheme membership, custodian duties (client reports and audit assurance), AML/CFT duties; NZX access through a market participant.
C. 自己发行基金C. Issue your own funds
像 Sharesies Funds、Kernel、Smartshares 那样发行自己的 PIE 指数基金。
Issue your own PIE index funds, as Sharesies Funds, Kernel and Smartshares do.
新西兰需要：FMA Managed Investment Scheme Manager 牌照（Sharesies Investment Management Ltd 即持有此牌照）、持牌监督人、独立托管人、PDS 及登记、季度 fund updates、经审计的年报。
In NZ: an FMA Managed Investment Scheme Manager licence (held by Sharesies Investment Management Ltd), a licensed supervisor, an independent custodian, a lodged PDS, quarterly fund updates and audited annual reports.
如果你替客户做投资决定（自动再平衡的“组合”是高风险灰区），可能需要 DIMS 牌照；如果给出个性化推荐，可能需要 FAP 牌照。
If you make investment decisions for clients (auto-rebalanced "portfolios" are a grey area), you may need a DIMS licence; personalised recommendations may need a FAP licence.
第二步：各国核心监管清单Step 2: core requirements by country
| 要求 | 机构 | 说明 |
|---|---|---|
| FSP 注册 | Companies Office | 在新西兰提供金融服务的基本门槛，登记在 FSP Register。 |
| 纠纷解决机制会员 | FSCL / FDRS / 银行监察员等 | 零售客户服务必须加入获批的外部纠纷解决机制。IFSO 与 FSCL 已于 2025 年合并。 |
| FMA 市场服务牌照 | FMA | 视业务而定：MIS Manager（发基金）、DIMS（全权委托）、FAP（财务建议）等。DIMS 牌照申请基本费 NZ$2,139（含 GST），另有年费和征费。 |
| 托管义务 | FMA | 持有客户资金或资产：资产隔离、定期报告、审计师鉴证。 |
| AML/CFT | DIA（自 2026-07-01 起为唯一监管机构） | 风险评估、AML/CFT 计划、合规官、客户尽职调查、可疑活动报告、独立审计。 |
| Privacy Act 2020 | 隐私专员 | 隐私官、数据泄露通报。 |
| FMC Act 公平交易 | FMA | 禁止误导性宣传，包括“零佣金”等说法与实际费用（如换汇费）不一致。 |
| 税务 | IRD | PIE 基金的 PIR 处理；海外股票的预扣税与 W-8BEN 流程。 |
| Requirement | Body | Notes |
|---|---|---|
| FSP registration | Companies Office | The baseline for providing financial services in NZ, on the FSP Register. |
| Dispute scheme membership | FSCL / FDRS / Banking Ombudsman etc. | Retail services must join an approved external dispute scheme. IFSO and FSCL merged in 2025. |
| FMA market services licence | FMA | Depends on the service: MIS manager (funds), DIMS (discretionary), FAP (advice) and others. The DIMS application fee is NZ$2,139 incl. GST, plus annual fees and levies. |
| Custodial duties | FMA | Holding client money or assets: segregation, regular reports, auditor assurance. |
| AML/CFT | DIA (sole supervisor since 1 July 2026) | Risk assessment, AML/CFT programme, compliance officer, customer due diligence, suspicious activity reports, independent audit. |
| Privacy Act 2020 | Privacy Commissioner | Privacy officer and breach notification. |
| FMC Act fair dealing | FMA | No misleading marketing — e.g. "zero commission" claims that hide FX fees. |
| Tax | IRD | PIR handling for PIE funds; withholding and W-8BEN processes for overseas shares. |
| 要求 | 机构 | 说明 |
|---|---|---|
| AFSL，或成为 AFSL 持有人的授权代表 | ASIC | 授权范围需覆盖交易、托管、一般建议等实际服务。 |
| AFCA 会员 + 内部纠纷解决流程 | AFCA / ASIC RG 271 | 内部处理时限与外部投诉渠道。 |
| AUSTRAC 登记与 AML/CTF 计划 | AUSTRAC | KYC、交易监控、报告。 |
| DDO / TMD | ASIC RG 274 | 发行人做 TMD，分销商须合理确保分销给目标市场。 |
| 资本与保险 | ASIC | 净有形资产、专业责任保险、托管相关的额外财务要求。 |
| Requirement | Body | Notes |
|---|---|---|
| AFSL, or authorised representative of a licensee | ASIC | Authorisations must cover dealing, custody, general advice and whatever you actually do. |
| AFCA membership + IDR process | AFCA / ASIC RG 271 | Internal response timeframes and an external complaints channel. |
| AUSTRAC enrolment and AML/CTF program | AUSTRAC | KYC, transaction monitoring and reporting. |
| DDO / TMD | ASIC RG 274 | Issuers make a TMD; distributors take reasonable steps to stay within the target market. |
| Capital and insurance | ASIC | Net tangible assets, professional indemnity insurance, extra requirements for custody. |
| 要求 | 机构 | 说明 |
|---|---|---|
| 券商注册 (Form BD) | SEC + 州 | 见 SEC 券商注册指南。 |
| FINRA 会员 (Form NMA) | FINRA | 负责人资格考试（如 Series 24）、监督体系、净资本 (Rule 15c3-1)、客户保护 (Rule 15c3-3)。 |
| SIPC 会员 | SIPC | 大多数注册券商须加入。 |
| 清算安排 | — | 多数初创公司作为 introducing broker，通过清算经纪托管和结算。 |
| AML 计划 + CIP | FinCEN / FINRA Rule 3310 | 独立测试、指定 AML 负责人、OFAC 筛查。 |
| 投资顾问（如提供组合/建议） | SEC 或州 (RIA) | Form ADV、受托义务。 |
| Requirement | Body | Notes |
|---|---|---|
| Broker-dealer registration (Form BD) | SEC + states | See the SEC broker-dealer guide. |
| FINRA membership (Form NMA) | FINRA | Principal exams (e.g. Series 24), supervision, net capital (Rule 15c3-1), customer protection (Rule 15c3-3). |
| SIPC membership | SIPC | Required for most registered broker-dealers. |
| Clearing | — | Most start-ups are introducing brokers that custody and settle through a clearing firm. |
| AML program + CIP | FinCEN / FINRA Rule 3310 | Independent testing, a named AML officer, OFAC screening. |
| Investment adviser (if offering portfolios or advice) | SEC or state (RIA) | Form ADV and fiduciary duty. |
第三步：一步步落地（以新西兰为例）Step 3: launch sequence (NZ example)
- 业务模式与法律意见（0–2 个月）：与新西兰金融服务律师确定 A/B/C 模式、哪些活动受监管、需要哪些牌照。准备商业计划和财务预测。
- 公司架构（1–2 个月）：运营公司 + 独立的托管/名义持有公司；如发基金，另设基金管理公司。开设信托账户。
- 选择合作方（1–3 个月）：托管人、执行经纪、美股接入方、身份核验服务商、支付/银行。签协议并完成尽职调查。
- 合规体系（2–4 个月，并行）：AML/CFT 风险评估与计划、合规官任命、隐私影响评估、投诉流程、外包管理、业务连续性计划、网络安全。
- 注册与申请（并行）：FSP 注册、加入纠纷解决机制；如需牌照，向 FMA 提交申请（发基金需同时安排监督人和 PDS）。审核通常需要数月。
- 客户文件（1–2 个月）：条款、费用表、隐私声明、托管说明、风险提示、PDS（如适用），由律师审阅。见 合规文件库。
- 技术与测试：KYC 流程、交易与对账、客户报表、审计日志、数据安全；渗透测试和对账演练。
- 小范围上线：内测 → 有限公测；监控投诉、对账差异和 AML 预警。
- 持续合规：托管鉴证报告、AML 年度报告与独立审计、FMA 监管报告与征费、文件定期更新。
- Model and legal advice (months 0–2): settle model A/B/C with an NZ financial services lawyer — which activities are regulated and which licences you need. Prepare a business plan and financial projections.
- Corporate structure (1–2 months): an operating company plus a separate custodian or nominee company; a manager entity if issuing funds. Open trust accounts.
- Partners (1–3 months): custodian, executing broker, US market access, identity verification, payments and banking. Sign agreements and complete due diligence.
- Compliance framework (2–4 months, in parallel): AML/CFT risk assessment and programme, compliance officer, privacy impact assessment, complaints process, outsourcing controls, business continuity, cyber security.
- Registration and applications (in parallel): FSP registration and a dispute scheme; FMA licence applications if needed (with a supervisor and PDS for funds). Reviews usually take months.
- Client documents (1–2 months): terms, fee schedule, privacy statement, custody disclosure, risk warnings and PDS if relevant, reviewed by a lawyer. See the document library.
- Technology and testing: KYC flow, trading and reconciliation, client statements, audit logs, data security; penetration testing and reconciliation drills.
- Limited launch: closed beta, then a limited public release; watch complaints, reconciliation breaks and AML alerts.
- Ongoing compliance: custody assurance, AML annual report and independent audit, FMA reporting and levies, regular document updates.
预算与团队的粗略量级Rough budget and team
差异非常大，仅为规划量级：法律与合规顾问费通常在数万到数十万新西兰元；发基金还有监督人、审计、托管等持续费用。核心岗位：合规官、AML 负责人、运营/对账、工程、客服。
This varies enormously; for planning only: legal and compliance advice often runs from tens to hundreds of thousands of NZ dollars, and issuing funds adds ongoing supervisor, audit and custody costs. Core roles: compliance officer, AML lead, operations and reconciliation, engineering, customer support.