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

  • Plans must agree to new exposure, administration and authorizing prerequisites before the finish of that 2-year move period. One month from now, the Ministry of Business, Innovation and Employment (MBIE) will discharge presentation drafts of the proposed Financial Markets Conduct Regulations (FMCR) and start counseling on

    Posted by Click the Do my Assignment Link, 19/07/2017 10:54am (1 year ago)

  • be that as it may, most questioners will get some information about your work involvement. Bosses would need to think about your level of skill as opposed to your evaluations. Your evaluations may just be a supplementing factor when finding an occupation.

    Posted by More about Me, 19/07/2017 7:20am (1 year ago)

  • Your article is very useful and has good knowledge. I appreciate your efforts and all the best. It's very useful information. I will be waiting for your next post. Keep It up.

    Posted by Towelroot Apk, 19/07/2017 1:05am (1 year ago)

  • Very interesting to read this article.I would like to thank you for the efforts you had made for writing this awesome article.

    Posted by Clash Royale Hack Deutsch, 18/07/2017 6:01am (1 year ago)

  • Such a very useful article. Very interesting to read this article.I would like to thank you for the efforts you had made for writing this awesome article.

    Posted by lash Royale Hack Deutsch, 18/07/2017 6:00am (1 year ago)

  • Thanks for sharing this information. I really like your blog post very much. You have really shared a informative and interesting blog post with people.

    Posted by Shiva Sai, 18/07/2017 2:26am (1 year ago)

  • I definitely enjoying every little bit of it. It is a great website and nice share. I want to thank you. Good job! You guys do a great blog, and have some great contents. Keep up the good work.

    Posted by 3 in 1 car seat , 17/07/2017 5:00pm (1 year ago)

  • Brilliant website. Very high quality content.

    Posted by Affordable papers, 14/07/2017 8:21am (1 year ago)

  • Smartphones and other smart devices which run on Android or iOS are a boon for their use as they provide many applications

    Posted by lucky patcher, 14/07/2017 5:15am (1 year ago)

  • mobdro for ios is the app which is available only in android platform but not available in google play store

    Posted by mobdro for ios, 11/07/2017 10:37am (1 year ago)

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