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

  • the brand new era of first-class four×6 automobile audio system from Pioneer offer superior bass, a brand new design and better strength handling.

    Posted by SoundExperts , 08/01/2018 10:06am (11 months ago)

  • Thanks for the nice blog. It was very useful for me. I'm happy I found this blog. Thank you for sharing with us. I too always learn something new from your post.

    Posted by avalentinesdayideas , 07/01/2018 1:28pm (11 months ago)

  • Alot of sites I see nowadays don't generally give anything that I'm occupied with, yet I'm most definately inspired by this one.

    Posted by Quantum University, 07/01/2018 1:21pm (11 months ago)

  • Masterdomino88 Judi DominoQQ Online yang biasanya dikenal dengan Masterdomino88 atau Mdo88 adalah situs judi DominoQQ yang menggunakan server yang berkualitas dan memberikan jaminan keamanan dan kenyamanan bagi member setia yang telah bergabung.Masterdomino88 juga menyediakan permainan menarik seperti Judi Domino Online atau, Poker Online, Capsa Susun serta Sakong online dengan menggunakan uang asli.Pencarian Google dengan Keyword Domino99 dan BandarQ atau Bandarkiu telah sangat banyak tetapi yang terpercaya cuma Masterdomino88.

    Posted by dominoqq, 07/01/2018 9:21am (11 months ago)

  • I as of late ran over your online journal and have been perusing along. I thought I would leave my first remark. I don't recognize what to say with the exception of that I have delighted in perusing. Decent blog. I will continue going by this site frequently.

    Posted by sky lanterns, 06/01/2018 7:20pm (11 months ago)

  • Much obliged for setting aside an ideal opportunity to examine this, I feel emphatically about it and affection adapting more on this subject.

    Posted by student evaluation, 05/01/2018 1:53pm (11 months ago)

  • After applying the patch your grace will be able to use the permission in favor of whom the installed applications, to sample applications on top of the SD card, to forge a backup to fix the annoying advertising, and more.

    Posted by http://filmsapk.com/lucky-patcher-apk-file/, 05/01/2018 9:26am (11 months ago)

  • Thank you very much for writing such an interesting article on this topic. This has really made me think and I hope to read more.

    Posted by Tworzenie stron www UK Londyn, 05/01/2018 2:43am (11 months ago)

  • You're the best to share us about this redesign. Trust you won't get tired on making posts as useful as this.

    Posted by https://jogosdecasinoonlinebrasil.com.br/, 04/01/2018 1:26pm (11 months ago)

  • the brand new era of first-class four×6 automobile audio system from Pioneer offer superior bass, a brand new design and better strength handling.

    Posted by SoundExperts , 04/01/2018 11:21am (11 months ago)

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