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    21 May 2015

    FMA Update - 21 May 2015

    On 1 May the FMA turned 4, marking yet another eventful year in our short but busy history. Notably, we also raced past the first anniversary for Phase 1 of the FMC Act. The freshness of these milestones reflects that while change has been a long time coming, we are still a new regulator operating in an even newer regulatory regime. Indeed key parts of the new reform process are still in progress. Various transition periods for new offer document requirements and licensing obligations for new...


    16 April 2015

    FMA Update - 16 April 2015

    Rob's desk Welcome to the first edition of our refreshed FMA Update. This refresh is one of many initiatives aimed at improving access to online regulatory information, especially for firms and professionals working in financial services and capital markets but also for anyone interested in knowing more about what we do. The FMA Update comes to you monthly, providing quick access to the latest guidance and reports we’ve published and consultations we have underway.  Overall, you’ll be abl...


    11 March 2015

    FMA Update - 11 March 2015

    Changes to FMA communications Last year, we reviewed the FMA website and the email communications we send to our subscribers against best practice guidelines. As a result of this review, we are about to make some major changes to both of these key communication channels. New FMA website Next week the FMA will launch a new website designed to provide easier access to key information, a simpler design and improved search functionality.Before developing the new site we sought advice from speciali...


    1 December 2014

    FMA Update - 1 December 2014

    Welcome to a new era in New Zealand’s financial markets Today marks an important milestone for New Zealand’s financial markets now that phase two of the Financial Markets Conduct Act 2013 (FMC Act) has come into effect. The new regulations are designed to build confidence in our financial markets and allow firms to raise capital efficiently so they can grow their business and the economy. The phase two regulations cover: new disclosure requirements go-live of the online registers the go...


    11 November 2014

    FMA Update - 11 November 2014

    FMC Act transition workshop for fund managers This month the Financial Markets Authority (FMA) is hosting two sessions to discuss the steps and activities managed investment scheme (MIS) managers need to take to transition to the Financial Markets Conduct Act (FMC Act). The sessions will appeal to managers of KiwiSaver, superannuation, unit trusts and other MIS. Auckland Date: Wednesday 19 November Time: 9:30 am – 11:30 am Venue: The Maritime Room, 149 Quay Street, Viaduct Harbour Wellingt...


    13 October 2014

    FMA Update - 13 October 2014

    Money Week ‘Heavy Weight Debate’ It’s Money Week and the perfect time to get your money fighting fit! The FMA will be hosting a panel discussion to promote greater understanding of investment risk at St Matthew in the City, on Thursday 16 October. The event is free and open to everyone.Find out more New guidance on Governance At the end of September we released our Guidance Note: Governance under Part 4 of the FMC Act.Part 4 introduces new reporting duties for debt issuers, MIS managers...


    15 September 2014

    FMA Update - 15 September 2014

    Generic Content Rob Everett presented to the Institute of Directors (IoD) The FMA’s Chief Executive, Rob Everett, was the guest speaker at IoD meetings in Auckland (August) and Wellington (September). He outlined expectations on directors, made some observations about the pool of director talent in New Zealand and conflicts of duties and interests, and the Financial Markets Conduct Act 2013 and the opportunities it brings. You can see a video summary of his...


    10 July 2014

    FMA Update - 10 July 2014

    Peer-to-peer lending and crowd funding resources We’ve recently published website resources to help investors understand two new investment options in New Zealand – peer-to-peer lending and equity crowd funding. We’ve also published information about the obligations for borrowers and issuers.The services provide new opportunities for New Zealanders, but as with any investment do carry risk. Investors and those wishing to raise money should: Only use providers that are licensed by FMA. C...


    26 May 2014

    New FMC Act factsheets

    Part 4 of the Financial Markets Conduct Act 2013 changes the governance and accountability framework for financial products. Our new factsheets outline what this means for: MIS managers and their licensed supervisors Debt issuers and their licensed supervisors Restricted schemes and their trustees. A further factsheet on transition for Managed Investment Schemes summarises the transition dates and process. Shortly we will be consulting on our proposals for the new governance and accountabili...


    4 April 2014

    FMA Update - 4 April 2014

    New era for New Zealand financial markets – FMC Act comes into effect April 2014 marks the start of a new era for New Zealand’s financial markets with Phase One of the Financial Markets Conduct (FMC) Act 2013 coming into effect. This is an ambitious and exciting period of change for market participants and for investors.The key parts of the Act coming into effect now include being able to apply for licenses under the new licensing regime, this includes the exciting new services of peer-to-...


    14 November 2013

    We are now consulting on standards and conditions for new licenses

    The Financial Markets Conduct Act 2013 (the Act) introduces licensing for providers offering certain types of financial services. We are now consulting on the proposed minimum standards for these licence types: Consultation: Licensing Discretionary Investment Management Service (DIMS) providers Consultation: Licensing peer-to-peer lending services Consultation: Licensing crowd funding Consultation: Licensing independent trustees Consultation: Licensing derivatives issuers Consultation: Manage...


    30 September 2013

    FMA Update - 30 September 2013

    Real Property Developments Exemption Notice Update The Financial Markets Authority (FMA) has extended the Securities Act (Real Property Developments) Exemption Notice 2007 (Notice) to the close of 30 November 2016.The Notice applies to participatory securities offered in the form of membership of an incorporated society, or a shareholding in a company, that owns, leases, licenses, maintains, administers, or operates communal facilities in a real property development. The Notice provides relief...


    9 August 2013

    Code of Conduct consultation underway

    The Code Committee for Financial Advisers is conducting its first review of the Code of Professional Conduct for Authorised Financial Advisers.A consultation paper on proposed changes to the Code is now available on the Code Committee’s website. Submissions close 5 pm Friday 6 September.The Committee is also running a series of public meetings to discuss the changes. Please RSVP as shown if you would like to attend.


    6 June 2013

    FMA Update 6 June 2013

    FMA’s supervision of Anti-Money Laundering and Countering Financing of Terrorism From 30 June 2013, FMA’s role as a supervisor will be to monitor compliance with the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act), including assessment of the adequacy and effectiveness of reporting entities’ systems and controls, to detect and deter money laundering and terrorist financing, and to take action where these fall below the expected standard.Click here to se...


    30 May 2013

    FMA Update 30 May 2013

    Hybrid financial instrument disclosures FMA has just finished our report on hybrid financial instrument disclosures. As part of our theme based monitoring projects on financial reporting, we have reviewed the accounting classification and disclosure of financial instruments, classified as hybrid instruments, and listed on the NZX debt market.We consider that disclosures around hybrid financial instruments need improvement and would like all issuers of hybrid financial instruments to reconsider...


    11 December 2012

    FMA Update - 11 December 2012

    Consultation Paper: Class exemption review FMA has published a consultation paper on 17 Securities Act and Financial Reporting Act class exemption notices currently under review. Fourteen of these notices are notices on which FMA has already received and considered submissions. FMA's consultation paper proposes advanced policy positions on these notices, which were extended until 31 March 2013 to enable this further consultation. Three additional notices have been added to FMA's review because...


    26 November 2012

    FMA welcomes the introduction of the unsolicited offers regulations from 1 December 2012

    FMA welcomes the introduction of the Securities Markets (Unsolicited Offers) Regulations 2012 (Regulations), which come into force on 1 December 2012. The Regulations introduce new processes and disclosure obligations for most unsolicited offers (also known as 'low ball' offers). A key change introduced by the new Regulations is a right for individuals to cancel an agreement to sell shares (or other securities) during a 10 working day 'cooling off' period, after accepting an offer. The Regulat...


    30 April 2012

    AML/CFT Roadshow

    AML/CFT - Are you ready? You/your company has been identified as a reporting entity under AML/CFT legislation. That means you'll have obligations under the Act. Are you ready to meet them? We're coming to Wellington, Auckland, Napier, Palmerston North, Tauranga, Hamilton, Dunedin and Christchurch to show you how. If you haven't already RSVPed, the final date for registrations for the 2012 Anti-Money Laundering and Countering Financing of Terrorism Roadshow is Wednesday 2 May. Check the dates,...


    3 April 2012

    AML/CFT Roadshow 2012

    You are invited to attend the 2012 Anti-Money Laundering and Countering Financing of Terrorism Roadshow. This is an opportunity to meet representatives from the Department of Internal Affairs, the Financial Markets Authority and the Police Financial Intelligence Unit. We will present important information about the Act and discuss the requirements it places on businesses. The 2012 roadshow is being presented in two parts. The Part 1 presentation is an introduction to the AML/CFT Act . The info...