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FMA Update - 17 June 2015

Page last updated: 17 Jun 2015

From the Chief Executive

This month I wanted to highlight a couple of topics that are very much front of mind for us.

MBIE recently released their comprehensive Issues Paper on the Financial Advisers Act review, which includes some of the FSPR regulations.  We strongly support the ‘root and branch’ approach to reviewing the operation of both of these sets of regulations. Frankly, neither currently operate in a way that’s satisfactory to regulators, industry or consumers. But the appetite for change, at least in the advice sector, has to be questioned. We will continue to engage with the sector to determine our views on a number of the topics raised.

On the investor side, work on our investor capability strategy is taking shape. We are in the process of fine-tuning our choice of activities, to ensure we form part of a coherent government-wide strategy.

The investor piece fits into the broader Government’s Business Growth Agenda, under which we continue to concentrate on encouraging investment in NZ’s markets. This involves supporting good decision-making for retail investors, and convincing institutional investors (domestic and offshore) that our regulatory framework and the maturity of our market (especially issuer disclosure and market conduct) align with international best practice.

Our statement of intent will be published shortly and reflects an updated approach to our strategic objectives and some of the performance measures we intend to use.

Also, I am pleased to announce some changes to my executive team which take effect from 1 July. Notably, Garth Stanish (markets oversight) and Diana Christensen (people and capability) will be joining the executive team and Liam Mason and John Botica are taking on new roles within the team.   Simone Robbers, Belinda Moffat and Owen Gill continue in their current roles.

Rob Everett

What's new!

Updated warnings and alerts information 

FMA warnings are designed to alert investors, censure the business or individual concerned, and help others to understand the standards of behaviour we expect. We have recently refreshed our warnings and alerts page to include a list of ‘unregistered businesses’ and a list of ‘businesses to be wary of’. We have also updated our consumer section to include five steps investors can take to protect themselves.

New investigations page 

We have also updated the news section of our website to include an investigations page. This page will host information updates for investigations of public interest, such as the Arena Capital/Blackfort investigation.

General Obligations Review of NZX

On 26 May we published our fourth annual review on NZX’s compliance with its obligations under the Securities Markets Act 1988.

See the full report here.


29 June - AML/CFT Independent Audit
For businesses that are reporting entities for Anti-Money Laundering and Countering Financing of Terrorism your first audit must be completed by this date, where your financial activities were captured by the Act as at 30 June 2013. Check our website for more information.

1 July - 31 August - Annual AML/CFT Reports
Reporting entities supervised by us are required to submit their annual AML/CFT report on their risk assessment and compliance programme through our online system between 1 July 2015 and 31 August 2015. Check our website for more information.

17 August – 30 September - AFA Information Return
An early notification for AFAs to start getting ready for the annual AFA Information Return.  Submissions open on Monday 17 August until 30 September 2015.  The questions remain unchanged from last year but we will be publishing extra guidance in the coming weeks. For more information please check our website.


Have your say on financial advice

The Government is reviewing some of the laws that regulate financial advisers and financial service providers, and they are keen to hear your views. 

For more information and to complete a survey please see our website. Responses close on Wednesday 22 July 2015.

Consultation updates

Financial reporting exemptions for small and medium-sized DIMS providers

See our update following this consultation including the published exemption notice and our Regulatory Impact Statement.


Investor acknowledgement and warning for the $750,000 minimum investment wholesale investor exclusion

After considering submissions received the FMA has agreed to grant limited short term exemptions for offerors of certain types of debt securities.


Coming soon

Look out for the following publications or website content we’ll be releasing over the coming month.

  • FMA's Statement of Intent – 2015 - 2019
  • Auditor regulation and oversight plan
  • Investor capability strategy
  • DIMS Q&A
  • Financial Reporting updated FAQs
  • User guide for completing annual AML/CFT reports for financial advisers

FMA news

Summary of recent FMA media releases and/or speeches.

8 June - $10m settlement on Dominion Finance secured by FMA and liquidators and receivers

2 June - Statement from the joint regulators of the NZClear system

28 May - Receivers and managers appointed to Arena Capital / BlackfortFX

25 May - FMA issues warning on continuous disclosure obligations and secures $500,000 compensation payment from Pacific Edge Limited

25 May - Apple Fields directors fined on non-filing charges

21 May - FMA secures Asset Preservation Orders over Arena Capital Limited / Blackfort

Industry news

12 June - Punakaiki Fund opens equity crowdfund round

12 June - Advisers asked for input

10 June - Millions at stake in BlackfortFX probe

9 June - Law firm says watchdog showing it means business


Email us at communications@fma.govt.nz