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FMA Update - 15 September 2014

Page last updated: 15 Sep 2014

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 Auckland IoD speech on the FMA’s website.

FMC licence application deadlines

The FMA is starting to receive licence applications for all new Financial Markets Conduct licence types and we’re encouraging potential applicants who are ready to apply to get in touch with us now.

Cut-off date for derivative issuer licence applications is 1 October 2014

If you’re issuing future dated foreign exchange contracts, forwards, swaps and/or options to retail clients, you may need a Derivatives Issuer Licence from 1 December 2014. The FMA’s application processing deadline is 1 October and any applications received after this date will face a higher risk of not being processed in time.

To check whether you need to apply, check our licensing flow chart. The standard conditions that apply to licensees and information about other obligations that will apply (for example financial reporting obligations) are also available on our website.

How new fair dealing provisions apply to advertising

If you’re an issuer or third party who advertises in order to promote offers, you should be aware of how fair dealing provisions under the Financial Markets Conduct Act 2013 apply to you. See our information sheet for the key things you need to know.

Current consultations

The FMA has two consultations currently underway:

We welcome your comments and feedback.

Less than 15 days left for AFAs to complete their Information Return!

As part of the new regulatory reporting obligations, all Authorised Financial Advisers (AFAs) must complete an Information Return by 5pm Tuesday 30 September.

All Returns must be submitted online, so if you’re an AFA, why not get started now? If you have any questions see our FAQs or email questions@fma.govt.nz, or you can call us on 0800 434 567.

AFA and QFE monitoring

In our newly released AFA and QFE Monitoring reports, we talk about our key findings and observations during our on-site visits and wider monitoring of AFA and QFE practices. Click on the links to read our reports.

FMA media releases issued over the last month

Previous FMA news updates