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.


  • I’m really impressed with your article, such great & usefull knowledge you mentioned here

    Posted by Nursing Essay Help, 10/02/2017 6:39am (2 years ago)

  • No need to worry about bank hours or bank holidays. You can transfer money as you please. Get bhim app and make you payment transaction faster.

    Posted by bhim app download, 09/02/2017 9:51am (2 years ago)

  • This is the right time to solve your academic problems if you are having issues in essay writing then ask writers.

    Posted by Browse this site, 09/02/2017 6:33am (2 years ago)

  • thanks

    Posted by sulistriyanti, 07/02/2017 10:02am (2 years ago)

  • thanks

    Posted by mutasim ridlo, 07/02/2017 10:02am (2 years ago)

  • thanks

    Posted by mitha aprilia, 07/02/2017 10:01am (2 years ago)

  • thanks

    Posted by dhosoft, 07/02/2017 10:01am (2 years ago)

  • thanks

    Posted by dhobb free forum, 07/02/2017 10:00am (2 years ago)

  • thanks

    Posted by dhoblog free blog, 07/02/2017 10:00am (2 years ago)

  • mast hai

    Posted by Tutuapp free, 04/02/2017 4:25am (2 years ago)

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