Summary report to Members on the FMC Act

Posted by on 18 September 2013

The Financial Markets Conduct Act 2011 (FMCA) received the Royal Assent and became law on 13 September 2013.  A few provisions take effect immediately and are noted in this report.  Most will take effect on either 1 April 2014 or 1 December 2014.

From 1 December 2014 there will be a 2-year transition period (until 30 November 2016) during which a superannuation or KiwiSaver scheme:

  • can continue preparing and using an investment statement and (if required) a prospectus; and
  • will retain all existing authorisations and approvals.

Schemes must comply with new disclosure, governance and licensing requirements by the end of that 2-year transition period.

Next month, the Ministry of Business, Innovation and Employment (MBIE) will release exposure drafts of the proposed Financial Markets Conduct Regulations (FMCR) and begin consulting on:

  • new licensing frameworks; and
  • other key operational changes.

MBIE also intends to “workshop” the new disclosure requirements in the legislation and seek industry feedback on template offer documents.

The FMCA and FMCR will bring once in a generation root and branch reform.  They will replace, for example, both the Superannuation Schemes Act 1989 and much of the KiwiSaver Act 2006.

Workplace Savings NZ and others made numerous detailed submissions on the proposed legislation.  These were met with active engagement and some significant improvements – but challenges remain.

Our summary report highlights some key submission outcomes and a selection of the most significant pending changes.  Read more here.

We hope that our summary report is useful in assisting our members’ understanding and we are happy to address any questions.

Post your comment

Posting comments has been disabled.


  • We are truly thankful for your blog entry. You will discover a great deal of methodologies in the wake of going to your post. Awesome work.

    Posted by twitter pva accounts, 15/04/2018 12:53pm (1 year ago)

  • Pro Soccer Uk one of the Biggest Budget Team football kit suppliers of Nike Team Football kits, Adidas Football Kits, Errea Football Kits, Stanno Team Kits, Puma Soccer Kits, plus Joma Precision and Prostar soccer kits supplied to junior football teams, kids, women's and senior football teams at discount prices to suit everybody's budget.

    Posted by cheap football kits, 15/04/2018 10:34am (1 year ago)

  • Informative Blog ! Its an incredible delight perusing your post. Its brimming with data I am searching for and I want to post a remark that "The substance of your post is wonderful" Great work.

    Posted by Stinger Transition Tutorial, 15/04/2018 6:09am (1 year ago)

  • This is really a nice and informative, containing all information and also has a great impact on the new technology. Thanks for sharing It. Also, You can try our service.

    Posted by softrole , 15/04/2018 4:28am (1 year ago)

  • Sell and Buy products and services on Pakistan best in minutes. Free ads in Pakistan. Looking for a product or service in Pakistan.

    Posted by Free ads in Pakistan, 14/04/2018 10:07pm (1 year ago)

  • We are giving a proper guidance how to fix your Gadgets Security.

    Posted by Belkin Support, 14/04/2018 9:32am (1 year ago)

  • This is a good post. This post gives truly quality information. I’m definitely going to look into it. Thanks! You can also visit my site.

    Posted by smartidea, 14/04/2018 9:21am (1 year ago)

  • You are very brave focuses in this article. I would have never thought to be any of these on the off chance that I didn't go over this. Much appreciated!.

    Posted by Airconditioning, 14/04/2018 8:55am (1 year ago)

  • Best work you have done, this online site is truly cool with extraordinary actualities.

    Posted by burun estetigi, 13/04/2018 4:59pm (1 year ago)

  • Unlocked games at school and enjoy a lot. we share all not blocked games from Unlocked games 66, beast, 77 for school kids.

    Posted by unblockedgames500, 13/04/2018 9:39am (1 year ago)

RSS feed for comments on this page | RSS feed for all comments