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

  • This article gives the light in which we can watch the truth. This is exceptionally pleasant one and gives indepth data. Much obliged for this decent article.

    Posted by aswebdesign, 22/09/2017 1:42pm (1 year ago)

  • I've been hunting down some tolerable stuff on the subject and haven't had any fortunes up until this point, You just got another greatest fan!..

    Posted by billenprikkers, 22/09/2017 1:29pm (1 year ago)

  • whilst you play free online, region your bet on in which you suspect the ball will land. you may select from even or odd numbers and black or pink spaces.

    Posted by Online poker usa, 21/09/2017 10:32am (1 year ago)

  • First and foremost, use the moisturizer cream to style your beard because moisturizer is the only solution to keep the moisture content in your beard. Moreover, if you use the moisturizer cream to your beard, then you can style your beard easily whatever you want.

    Posted by groomiung, 21/09/2017 9:49am (1 year ago)

  • this is very awesome.

    Posted by Google, 20/09/2017 10:07am (1 year ago)

  • I have perused your article, it is extremely enlightening and supportive for me.I respect the profitable data you offer in your articles. A debt of gratitude is in order for posting it..

    Posted by Jamb 2018, 18/09/2017 1:30pm (1 year ago)

  • the talent you sow in this post is amazing to get what you are thinking and going to do

    Posted by Tech news, 16/09/2017 10:23pm (1 year ago)

  • These are some incredible apparatuses that i unquestionably use for SEO work. This is an awesome rundown to use later on..

    Posted by video production services ho chi minh city, 16/09/2017 7:30pm (1 year ago)

  • I truly like your thoughts on the issue. I now have an unmistakable thought on what this matter is about..

    Posted by International Car Rental, 16/09/2017 3:26pm (1 year ago)

  • Awesome post, you have pointed out some incredible focuses, I also trust this is an exceptionally eminent site.

    Posted by car wash, 16/09/2017 3:25pm (1 year ago)

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