Today marks an important milestone for New Zealand’s financial markets now that phase two of the Financial Markets Conduct Act 2013 (FMC Act) has come into effect.
The new regulations are designed to build confidence in our financial markets and allow firms to raise capital efficiently so they can grow their business and the economy.
The phase two regulations cover:
additional detail supporting the remainder of the FMC Act.
To help you move quickly and efficiently into the new FMC Act environment, we have been progressively publishing new information and guides on our website, and running workshops on a range of topics.
We are also publishing information for market participants, such as marinas, who can now choose to be unregulated. Information for marinas is now available on our website.
Over the coming months we’ll be finalising more written guidance, as we take into account the feedback we receive via the consultation process.
We’re also working to improve our key communication channels – in the first quarter of 2015 we will be launching a new website, making improvements to the FMA Update and publishing a consultation calendar.
Earlier today we released a report that addresses disclosure challenges within the New Zealand environment. The report identifies ways to improve financial statements so they are a clear and effective reporting and communications tool.
We encourage entities to be bold and reduce the clutter by removing standardised and immaterial disclosures, and focus on the areas covered in this report.
This work follows a half-day discussion forum we hosted in Auckland during September – ‘Beyond International Financial Reporting Standards (IFRS): Quality Financial Reporting’.
Existing authorisations for futures dealers cease today (1 December 2014). Transitional provisions in the FMC Act however provide for transitional derivatives issuer licences for those entities that were authorised futures dealers immediately prior to 1 December 2014 and who need to be licensed under the FMC Act. See our derivatives issuer licence list.
The new register for products and schemes, Disclose, is now available. Information about using the register is available on the disclose website. Our consultation on the content and form of register entries closes on Friday 12 December.
Previous FMA Update - 11 November 2014
For enquiries about any of these topics please email us at firstname.lastname@example.org