Media releaseMR No. 2014 – 0374 November 2014
The Financial Markets Authority (FMA) welcomes today’s announcement from Commerce and Consumer Affairs Minister Paul Goldsmith, confirming the approval of the phase two regulations of the Financial Markets Conduct Act.
The regulations come into effect on 1 December 2014. They provide the detail that supports the big-picture principles in the FMC Act.
Many businesses and professionals will rely on the regu...
The FMA’s report confirms that NZX met its obligations, under the Securities Markets Act 1988, to ensure that its markets were fair, orderly, and transparent. The review covered the period January – December 2013.
The FMA has consented to an $18.9 million settlement between the receiver of Bridgecorp, the Bridgecorp directors, and their liability insurers. FMA has agreed to end its own civil proceedings against the Bridgecorp directors once the settlement sum has been paid. Read more.
News release30 October 2013
A report by the Financial Markets Authority (FMA) into prospectuses and investment statements (disclosure documents) highlights the need for issuers to lift their game.The report comes more than a year after FMA released its Guidance Note on Effective Disclosure which explains the approach FMA will take to reviewing disclosure documents for compliance with the law.The Guidance Note encourages issuers to set out information in...
FMA asked VonWin Capital Management L.P. and Stock & Share Trading Company Pty Ltd for an enforceable undertaking and to include a statement provided by FMA at the beginning of any unsolicited offer they send to investors to ensure they make an informed decision. Read more.
Media Release24 August 2011
The Financial Markets Authority is reminding Canterbury residential Red Zone homeowners seeking financial advice about payout offers to check they're dealing with registered professionals. FMA Chief Executive Sean Hughes said many people will be seeking information and advice about how to afford a new property, insurance cover options or options such as investing a payout amount and renting instead. "CERA has already provided...
Media Release19 May 2011
Changes to KiwiSaver in today's Budget Bill may be material to decisions about whether to invest in a KiwiSaver scheme.
The Budget Bill includes a transitional provision for securities law disclosure that means KiwiSaver providers can keep their schemes open and have a reasonable period to amend their offer documents.
In the meantime FMA expects KiwiSaver providers to take all practicable steps to ensure potential investors are f...
(Media releases from the Securities Commission)3 December 2010
The Securities Commission today released information about the status of its investigations into 50 failed finance companies.
It has completed 26 finance company investigations and is continuing with 24.
Criminal charges have been laid against 35 directors or officers of 14 finance companies. The charges have been laid by the Commission or, following referral by the Commission, by the Nationa...
The Securities Commission welcomes the settlement that relates to the Commerce Commission's investigation into alleged breaches of the Fair Trading Act 1986 by ANZN and ING and other entities in relation to the marketing, promotion and sale of the ING Diversified Yield Fund and ING Regular Income Fund. Read more.
Money Week ‘Heavy Weight Debate’
It’s Money Week and the perfect time to get your money fighting fit! The FMA will be hosting a panel discussion to promote greater understanding of investment risk at St Matthew in the City, on Thursday 16 October. The event is free and open to everyone.Find out more
New guidance on Governance
At the end of September we released our Guidance Note: Governance under Part 4 of the FMC Act.Part 4 introduces new reporting duties for debt issuers, MIS managers...
DIMS Workshop for AFAs
Are you thinking about DIMS and what steps to take? To help navigate your way to understanding what’s involved, the FMA will be hosting a DIMS workshop in Auckland next month. The workshop will cover the following topics:Part 1 - Understanding DIMS
What is DIMS.
Different types of DIMS / contingency DIMS.
How it is regulated.
Part 2 –Becoming Licensed or Authorised
How to apply for a DIMS licence under Financial Markets Conduct Act (FMC Act) or...
Second Consultation on Regulatory Reporting Guide (RRG) for Authorised Financial Advisers – open now
Further to our last AFA Update, we have opened a second consultation on the proposed RRG for Authorised Financial Advisers. As a result of the constructive feedback received from the first consultation, we undertook a comprehensive and detailed review of the proposed RRG and Information Return, (which is intended to be the first reporting requirement contained in the RRG).The second consultat...
Guidance Note: Discretionary Investment Management Services
Today FMA issued a guidance note on Discretionary Investment Management Services (DIMS) for Authorised Financial Advisers (AFAs) who are licensed to provide DIMS, and others providing ‘custody’ or broking services.
In July a consultation draft was released and since then we have received and reviewed submissions and held face to face sessions with industry representatives to discuss practical aspects of the guidance note. Thank yo...
AFA Update emails - alerting you to your obligations
This periodic email provides information, guidance and feedback to help you meet your obligations as an AFA.
First monitoring visits complete
AFAs in the lower North Island have taken a constructive approach to our first round of monitoring visits. We are now pulling together conclusions for each adviser from a review of their Adviser Business Statement (ABS) and professional development plan and from notes taken during the visit. We'll b...