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Page last updated: 30 November 2022

Legislation

The FMA has certain powers granted by legislation, to monitor compliance, investigate, and take enforcement action against conduct that may constitute a contravention of legislation, where it applies to financial market firms and individuals. This section explains the Financial Markets Conduct Act 2013 and other legislation we enforce.

Legislation in New Zeland as overseen by the FMA

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.

Learn more about the FMC Act

The Financial Markets (Conduct of Institutions) Amendment Act 2022 amends the Financial Markets Conduct Act 2013 to ensure financial institutions treat consumers fairly. It is designed to protect consumers by putting the consumer at the forefront of institutions’ decisions and actions.

Conduct of Financial Institutions (CoFI) legislation

We oversee a range of financial markets legislation. 

See all

The laws governing financial advice in New Zealand have changed. As part of the changes, the three adviser types – Registered Financial Adviser (RFA), Authorised Financial Adviser (AFA) and QFE adviser have been removed – and all advisers need to meet the same standards and are subject to a Code of Professional Conduct for Financial Advice Services.

Read about the Financial Advice Regime

Designations can change how a product, client, advice or service is categorised, and remove an existing statutory exemption or exclusion. A designation can be applied to:

  • a particular person or transaction (an individual designation)
  • a class of persons or transactions (a class designation)

Under the FMC Act, we have powers to make designations that change the way products and other matters are regulated.

View Designations

The FMA has wide powers under the FMC Act to provide exemptions (secondary legislation) to persons or transactions from compliance obligations under financial markets law. This allows us to provide a tailored approach and ensure requirements for businesses are reasonable and cost-effective. 

View all exemptions

Conduct is at the core of the Financial Markets Conduct Act 2013 (FMC Act). Underpinning the breadth of the FMC Act are the fair dealing provisions, which set out the core standards of behaviour that those operating in the financial markets must comply with.   

Part 2 of the FMC Act requires “fair dealing” in relation to financial products and services. 

Learn more about Fair Dealing

Current FMC Act exemption notices

FMC Act exemptions
20 Jun 2023
Financial Markets Conduct (Market Index) Exemption Notice 2023
This exemption provides relief to managed investment scheme (MIS) managers with funds that invest, in whole or in part, in assets that do not have an ...
FMC Act exemptions
07 Jun 2023
Financial Markets Conduct (Christchurch City Holdings Limited Subsidiary Balance Date Alignment) Exemption Notice 2023
The Financial Markets Conduct (Christchurch City Holdings Limited Subsidiary Balance date Alignment) Exemption Notice 2023 exempts Christchurch City H ...
FMC Act exemptions
09 May 2023
Financial Markets Conduct (Sharesies KiwiSaver Scheme) Exemption Notice (No 2) 2023
The Notice exempts Sharesies Investment Management Limited (Sharesies) as manager of the Sharesies KiwiSaver Scheme (Scheme), and the self-select fund ...
FMC Act exemptions
13 Dec 2022
Financial Markets Conduct (Small Co-operatives) Exemption Notice 2022
This notice provides co-operative companies and industrial and provident societies with a lighter regulatory compliance pathway.

View all FMC Act Exemptions notices

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FMA’s view of conduct

Guidance on what we will focus on when examining how licensed financial services providers demonstrate good conduct, and how they have met their governance and management responsibilities.

Regulatory response guidelines

This is a guide on how we regulate financial markets and the responses we use in enforcing legislation. It is for all individuals and businesses involved in providing financial market products and services.

Customer vulnerability – our expectations

This information sheet explains the FMA’s expectations for financial services firms to prioritise their customer vulnerability practices, focusing on areas we consider immediate priorities.