The Financial Markets Conduct Act 2013 (FMC Act) lays the groundwork for us to provide high-quality regulation in capital markets and financial services here in New Zealand. It is the largest statutory change in our financial markets in at least 30 years and ensures regulation keeps pace with investor and business expectations.
The FMC Act gives us a much bigger mandate in our role as conduct regulator and brings extensive new responsibilities in licensing, supervision and enforcement. As a result of this changing landscape, everyday New Zealanders can expect to experience the facilitation and promotion of fair, efficient and transparent financial markets.
The purpose of the FMC Act is to promote and facilitate the development of fair, efficient and transparent financial markets, and to promote the confident and informed participation of businesses, investors and consumers.
The FMC Act works to reform the regulation of financial conduct. It governs the way financial products are offered, promoted, issued and sold. This includes the on-going responsibilities of those who offer, issue, manage, supervise, deal in and trade financial products. The FMC Act also regulates the provision of certain financial services.
The changes introduced by the new legislation play a key role in building confidence in our markets, by providing better information for investors, as well as setting clearer rules for companies wanting to raise capital.
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