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.

Comments

  • I absolutely am delighted after reading your article. It is really fascinating and you clearly have writing experience. The site may be small but your work is of top quality.

    Posted by whatsapp hack, 17/11/2015 2:47pm (3 years ago)

  • Well i am a good post watcher you can say and i don't give a single reason to criticize or to give a good review to a post. i have been reading blogs from last 5 years and this blog is really good this writer has the capabilities to make things going i would love to see new post by you Thanks

    Posted by Fifa 16 hack, 12/11/2015 12:51pm (3 years ago)

  • Well i am a good post watcher you can say and i don't give a single reason to criticize or to give a good review to a post. i have been reading blogs from last 5 years and this blog is really good this writer has the capabilities to make things going i would love to see new post by you Thanks

    Posted by Fifa 16 hack, 12/11/2015 12:50pm (3 years ago)

  • GREAT INFO!

    Posted by Fifa 16 Coin Generator, 12/11/2015 12:49pm (3 years ago)

  • Really nice article thnks for share

    Posted by Snapchat hack, 12/11/2015 12:48pm (3 years ago)

  • The article is very helpful, thank you very much

    Posted by Daniel E. Powers , 07/11/2015 12:21pm (3 years ago)

  • I appreciate this effort and great for all people who love this article.

    Posted by buy dissertation , 05/11/2015 9:01pm (3 years ago)

  • Perfect papers!

    Posted by buy academic essays, 05/11/2015 8:30am (3 years ago)

  • this blog is really useful for all users.

    Posted by cause and effect essay on smoking, 04/11/2015 7:53pm (3 years ago)

  • Offer well-timed, correct in addition to easy to understand facts being provided to be able to individuals to assist those people individuals to make choices concerning financial loans or maybe your supply of financial solutions.

    Posted by theessayservice, 02/11/2015 11:56am (3 years ago)

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