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

  • thanks for posting this awesome article. i liked it very much and i really appreciate you.

    Posted by drastic ds emulator apk, 02/03/2018 5:57am (9 months ago)

  • Awesome post, you have pointed out some incredible focuses , I in like manner think this s an exceptionally brilliant site.

    Posted by philadelphia seo consultant, 01/03/2018 7:36pm (9 months ago)

  • Thank you very much this post is really helpful

    Posted by aplikasi kasir online omegasoft, 01/03/2018 6:10pm (9 months ago)

  • Thanks a lot for sharing us about this update. Hope you will not get tired on making posts as informative as this.

    Posted by video marketing blaster review, 01/03/2018 1:08pm (9 months ago)

  • Your article is very useful and has good knowledge. I appreciate your efforts and all the best. It's very useful information. I will be waiting for your next post.

    Posted by youtube , 01/03/2018 11:03am (9 months ago)

  • The website is looking bit flashy and it catches the visitors eyes. Design is pretty simple and a good user friendly interface.

    Posted by como fazer tiaras para bebê, 28/02/2018 6:55pm (9 months ago)

  • It is a great website.. The Design looks very good.. Keep working like that!.

    Posted by Abrir um e-commerce, 28/02/2018 6:54pm (9 months ago)

  • check it right now for HSE result gseb results

    Posted by gseb results, 28/02/2018 11:44am (9 months ago)

  • In addition to xmod free download process, we have listed some of the cool features of Xmodgames apk. Do not forget to read the pre requisites that need to be check prior to download xmodgames for android.

    Posted by Xmodegame, 28/02/2018 11:35am (9 months ago)

  • og youtube

    Posted by og you tube, 28/02/2018 9:10am (9 months ago)

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