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.


  • Aside from downloading and install, Viva Video make uses you to modify and make your video clip as even more gorgeous than previously. Edit and preview your videos in a PC larger display.

    Posted by viiva video, 15/06/2017 11:56am (2 years ago)

  • thank you very much for sharing the best post with needed stuff.

    Posted by instagram video downloader, 15/06/2017 9:50am (2 years ago)

  • Interesting article! Thank you for sharing them! I hope you will continue to have similar posts to share with everyone!

    Posted by slope, 15/06/2017 2:43am (2 years ago)

  • Thank you for the information. This is well written and gives a lot of value for people who are looking to learn

    Posted by super mario world, 15/06/2017 2:42am (2 years 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 madalin stunt cars, 15/06/2017 2:42am (2 years ago)

  • I'll tell you simple steps to download install any kind of costs applications from Tutu App market. Downloading and install and installing TuTu App apk data is quite basic

    Posted by tutuapp vip free , 13/06/2017 7:57am (2 years ago)

  • More often than not I don't make remarks on sites, yet I'd like to say this article truly constrained me to do as such. Truly pleasant post!

    Posted by Oppo r9s singapore, 11/06/2017 3:58pm (2 years ago)

  • Good summary report. Thanks for share it.

    Posted by Social Media Marketing Services , 07/06/2017 11:53am (2 years ago)

  • thank you very much for sharing the best post with needed stuff.

    Posted by game killer, 06/06/2017 6:37am (2 years ago)

  • This will be the perfect blog for anyone who desires to discover about this topic and I feel pleasure to view your website.

    Posted by best movie download sites, 06/06/2017 6:36am (2 years ago)

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