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

  • Hi I am so pleased I found your web journal, I truly found you by slip-up, while I was watching on google for something else, Anyways I am here now and could simply get a kick out of the chance to say thank for a huge post and an inside and out amusing site. Kindly do keep up the immense work.

    Posted by voyance audiotel, 14/09/2017 2:06pm (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, 14/09/2017 11:58am (1 year ago)

  • Aptoide app is one of the best platforms that allow users to download a plethora of applications easily. These applications can be downloaded and further installed in apk format

    Posted by aptoide apk, 13/09/2017 11:28am (1 year ago)

  • Aptoide Apk is an apparent substitute of Google Play store.

    Posted by www.iaptoideapk.org, 12/09/2017 3:45pm (1 year ago)

  • Much obliged with the end goal of astounding guidance appearing to this very blog page. All individuals choose. I'm sure exceptionally cheerful to seek out this stunning web website.

    Posted by Assignment writing service, 12/09/2017 10:29am (1 year ago)

  • Thanks

    Posted by irctc new account, 10/09/2017 4:58am (1 year ago)

  • Thanks

    Posted by irctc new account, 10/09/2017 4:58am (1 year ago)

  • The earliest movies were simply one static shot that showed an event or action with no editing or other cinematic techniques. Around the turn of the 20th century, movies started stringing several scenes together to tell a story.

    Posted by 123moviesto, 09/09/2017 11:10am (1 year ago)

  • I personally like your post; you have shared good insights and experiences. Keep it up.

    Posted by Hampton bay ceiling fans, 08/09/2017 12:50pm (1 year ago)

  • Titanium Backup Pro backs-up and restores SMS, MMS, calls, bookmarks, Wi-Fi AP as XML and protected apps with their settings. It allows multi- user supporT

    Posted by Titanium Backup Pro APK, 07/09/2017 11:13am (1 year ago)

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