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

  • Tutu app pokemon go provides the apps for free which are paid apps in Google play store

    Posted by tutuapp pokemon go, 07/09/2017 8:40am (1 year ago)

  • We want you to shop with confidence on our site, that's why we have the tools & resources to ensure buyer-protection. All the products and service here are collected from legit and safe supply sources.

    Posted by Buy Madden NFL 18 Coins Online , 06/09/2017 12:26pm (1 year ago)

  • it their own. It’s in particular been famous with celebrities, which include athletes and rappers.

    Posted by View Park LA, 06/09/2017 12:14pm (1 year ago)

  • ‘Judwaa 2’, is ready to romance a fresher in his next flick ‘October.’ Directed with the aid of Shoojit Sircar of ‘purple’ repute, ‘October’ could be the launching pad of a new face – Banita Sandhu.

    Posted by Judwaa 2 Movie Download, 06/09/2017 11:33am (1 year ago)

  • Are you seeking out a gamer? then you definitely land the right location! At AltomGaming we document gamers chairs in all charge stages and provide you with the pleasant places to buy gaming chairs.

    Posted by Altomgaming.dk, 06/09/2017 9:53am (1 year ago)

  • I read your blog frequently and I just thought I’d say keep up the amazing work!

    Posted by Geld winnen in denemarken, 05/09/2017 2:26pm (1 year ago)

  • Walmart Credit Card login can be done easily just follw the steps

    Posted by www.walmartcreditcardlogin.online/, 05/09/2017 6:34am (1 year ago)

  • Thanks for the info, was really nice for me to this post. I will bookmarked your site for future reference.

    Posted by hampton bay lighting company, 05/09/2017 3:55am (1 year ago)

  • I really appreciate the kind of topics you post here. Thanks for sharing us a great information that is actually helpful. Good day!

    Posted by camelsysytem.nl, 04/09/2017 9:26am (1 year ago)

  • Affordable color copies double sided can grab the attention of the customers

    Posted by get cheap color copies , 03/09/2017 9:03am (1 year ago)

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