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Financial Markets Authority AFA Update: Issue # 11

Upcoming opportunities to provide feedback

Over the next few months FMA will be embarking on a series of consultations and discussion workshops to seek input into both proposed new guidance, and the upcoming Financial Markets Conduct Bill legislative changes. In some cases we will seek initial input directly from affected market participants or from their representative industry bodies. In other cases, we will publish public consultation documents. And in others, we will do a mixture of these things.

Your feedback and input into these discussions and consultations is very important. To help you plan your time and identify those topics you would most like to provide feedback on, we have put together the following indicative consultation timeline. Please note, that these dates are subject to change, depending on the feedback we receive during the consultation process.

We recommend you also talk with your industry association or body. For access to current public consultations, please visit FMA’s ‘current consultations’ web-page: Current Consultations

Planned release date: Mid July
Topic: AML/CFT: Practical implications of Reporting Entities transacting with other Reporting Entities and the Factsheet on Managing Intermediaries
Feedback type: Public consultation

Planned release date: Late July
Topic: Draft guidance note: DIMS
Feedback type: Industry body workshops and public consultation

Planned release date: Late July
Topic: Draft guidance note: Personalised advice
Feedback type: Industry body workshops and public consultation

Planned release date: Late July
Topic: Draft guidance note: Client Communications and Record-Keeping
Feedback type: Industry body workshops and public consultation

Planned release date: Mid-late August
Topic: Draft AFA Regulatory Reporting Guide
Feedback type: Public consultation

Planned release date: October
Topic: Licensing framework for market services licences and other key operational changes as a result of Financial Markets Conduct (FMC) Bill changes
Feedback type: Public consultation

During this period there will also be ongoing consultations on the expiry of various exemptions. Please check our current consultations web page for details.

Please note, the Ministry of Business, Innovation and Employment (MBIE) will also be running public consultations during this period. Current/planned consultations include:

  • discussion paper on DIMS regulations for advisers (available now)
  • exposure draft of FMC regulations released (October).

Code of Professional Conduct consultation

The Code Committee has advised they will be consulting on proposed changes to the Code of Professional Conduct for AFAs. The Committee propose to release a consultation paper in August and FMA will be supporting the Committee by sending an AFA Update out to all AFAs once the consultation document has been released. Wherever possible, we will work with the Code Committee to co-ordinate stakeholder engagement across related consultations.