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.


  • This is a great article thanks for sharing this informative information. I will visit your blog regularly for some latest post.

    Posted by Forex Trading, 23/04/2018 1:22am (1 year ago)

  • This post is likely where I got the most helpful data for my exploration.

    Posted by ΘΗΚΕΣ ΚΙΝΗΤΩΝ ΤΗΛΕΦΩΝΩΝ, 22/04/2018 11:41am (1 year ago)

  • I'm glad I found this web site, I couldn't find any knowledge on this matter prior to.Also operate a site and if you are ever interested in doing some visitor writing for me if possible feel free to let me know, im always look for people to check out my web site.

    Posted by baby furniture , 21/04/2018 10:20pm (1 year ago)

  • DasBloggen ist eine Kunst für sich. Umso wichtiger ist es also, dass
    man die richtigen Werkzeuge zur Hand hat. Und am Schluss ein
    gelungenes Werk zustande kommt. Dafür bietet Dir der
    Voguemagazin-eigene Editor wundervolle Tools, die Dir den Alltag
    erleichtern werden. Egal ob Du nun Teil eines Unternehmens bist und
    in diesem Netzwerk Werbung für dieses schalten möchtest. Ob Du ein
    Model bist, oder ob Du einfach nur Deine Erlebnisse mit der Welt
    teilen und Deiner Meinung kundtun möchtest. Mit unseren Tools ist
    alles möglich und das vor allem bequem und ohne zeitfressende

    Posted by Blogger, 21/04/2018 12:20pm (1 year ago)

  • The lineament of your articles and listing is large.

    Posted by αντλησεις υδατων, 21/04/2018 12:07pm (1 year ago)

  • This is a great article thanks for sharing this informative information. I will visit your blog regularly for some latest post.

    Posted by www drasticdsemulatorapkfree com , 21/04/2018 9:09am (1 year ago)

  • Looking forward to seeing more your notes posted. Thank you for sharing
    the nice article. Amazing to see your article.

    Posted by youtube red downlod, 21/04/2018 6:34am (1 year ago)

  • Appvn is an Appstore platform like Google play store. But there are some rather good profits which you can avail from the Appvn store.

    Posted by Marie Jones, 21/04/2018 5:42am (1 year ago)

  • This is a smart blog. I mean it. You have so much knowledge about this issue, and so much passion. You also know how to make people rally behind it, obviously from the responses.

    Posted by Robotics, 20/04/2018 7:34pm (1 year ago)

  • I like the way you share your content, I appreciate the way of reporting, excellent.

    Posted by Mochilas y Bolsos, 19/04/2018 2:43pm (1 year ago)

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