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.


  • call for for his services soared, and he opened his own private health facility, R.E.V. health.

    Posted by 2 week diet, 11/11/2017 2:44pm (1 year ago)

  • Every one of the substance you said in post is too great and can be extremely helpful. I will remember it, much obliged for sharing the data continue upgrading, looking forward for more posts.Thanks

    Posted by Mobdro application to run in PC and Mac, 10/11/2017 4:03pm (1 year ago)

  • A debt of gratitude is in order for the decent blog. It was extremely helpful for me. I'm cheerful I discovered this site. Much obliged to you for offering to us,I too dependably discover some new information from your post.

    Posted by showbox for android, 09/11/2017 9:25am (1 year ago)

  • Thank you for such a well-written article. It’s full of insightful information and entertaining descriptions. Your point of view is the best among many.

    Posted by Visit Website, 09/11/2017 6:22am (1 year ago)

  • thanks

    Posted by Cheap php scripts, 08/11/2017 8:48pm (1 year ago)

  • I really like pickleball paddle sports, its a very healthy activity and enjoyable game.
    best edgeless pickleball paddle

    Posted by best pickleball paddle for power, 08/11/2017 11:42am (1 year ago)

  • LetGo is the most famous New York-based mobile classifieds app where you can buy, sell the goods from other persons locally. It is absolutely free to use. LetGo was founded by Alec Oxenford, Jordi Castello, and Enrique Linares. LetGo holds good for both iOS and Android devices. Let us see in detail about How Does LetGo Make Money.

    Posted by How Does LetGo Make Money, 07/11/2017 11:00am (1 year ago)

  • This summery helpful for those who need report in details .

    Posted by MBA Essay Writing, 07/11/2017 10:27am (1 year ago)

  • Thank you for your post, I look for such article along time, today i find it finally. this post give me lots of advise it is very useful for me.

    Posted by CAMPING SUPPLIES- SHIPS FREE , 07/11/2017 6:10am (1 year ago)

  • A debt of gratitude is in order for setting aside an ideal opportunity to talk about this, I feel unequivocally about it and affection adapting more on this subject. On the off chance that conceivable, as you pick up ability, would you psyche overhauling your website with additional data? It is greatly useful for m

    Posted by voyance sans cb, 06/11/2017 2:52pm (1 year ago)

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