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.
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 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 (which includes financial advice services) and the conduct of financial institutions.
The FMC Act impacts everyone living in New Zealand in some way, whether you are conscious of it or not. As a result of the changes brought in by the FMC Act and the big-picture vision for our country, a financially healthy New Zealand includes:
The FMA oversees a range of financial markets legislation. We also have certain powers, monitor compliance, investigate and enforce conduct that may constitute a contravention of other legislation, where it applies to financial market firms, products offered, services and individuals.