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.


  • I appreciate it! I really like it when people get together and share ideas. Great website, continue the good work! Either way, great web and I look forward to seeing it grow over time. Thank you so much.

    Posted by Education & Childcare, 26/04/2018 5:14am (1 year ago)

  • Thank you very much for sharing this very useful information, I am very happy to have found this information that I have been looking for.

    Posted by ccie security training delhi, 25/04/2018 12:45pm (1 year ago)

  • google adsense ke liye kaise apply kare

    Posted by google adsense kya hai, 25/04/2018 9:39am (1 year ago)

  • That is truly decent to listen. much obliged to you for the upgrade and good fortunes.

    Posted by Ramen en deuren Tripo, 24/04/2018 9:43pm (1 year ago)

  • ias kaise bante hai

    Posted by ias kaise bante hai, 24/04/2018 11:05am (1 year ago)

  • The PNR status of your IRCTC or Indian Railway ticket can easily be checked on our website.

    Posted by pnr status, 24/04/2018 10:51am (1 year ago)

  • I love seeing blog that understand the value of providing a quality resource for free.

    Posted by Zwembad inox, 23/04/2018 8:33pm (1 year ago)

  • Thank you very much for sharing this very useful information, I am very happy to have found this information that I have been looking for.

    Posted by who is smartidea, 23/04/2018 12:56pm (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 sarkari naukri , 23/04/2018 6:34am (1 year ago)

  • Thanks you so much for a great report to the members on fmc act, i was readiing this act and i appreciate who made this.

    Posted by outdoor projectors, 23/04/2018 5:37am (1 year ago)

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