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FMA Update - 11 November 2014

FMC Act transition workshop for fund managers

This month the Financial Markets Authority (FMA) is hosting two sessions to discuss the steps and activities managed investment scheme (MIS) managers need to take to transition to the Financial Markets Conduct Act (FMC Act). The sessions will appeal to managers of KiwiSaver, superannuation, unit trusts and other MIS.

Auckland
Date: Wednesday 19 November
Time: 9:30 am – 11:30 am
Venue: The Maritime Room, 149 Quay Street, Viaduct Harbour

Wellington
Date: Wednesday 26 November
Time: 9:30 am – 11:30 am
Venue: Chapman Tripp, 17/10 Customhouse Quay

Registration
Numbers are limited so to ensure you don’t miss out please RSVP to events@fma.govt.nz by 5pm on Friday, 14 November 2014. See our website for full details.

AML and CFT Monitoring Report released

At the start of November we released our Anti-Money Laundering and Countering Financing of Terrorism Monitoring Report. The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act) and associated Regulations, came into full effect on 30 June 2013. In this report we summarise our monitoring results to help Registered Entities gain a better understanding of our expectations.

Update on derivatives issuer licensing deadlines

Under the FMC Act, those offering regulated derivatives products need a licence from the FMA.

The recently released FMC Regulations extend the licensing deadline for market participants who have applied for a derivatives issuer licence.

If you have applied for a derivatives issuer licence, the FMC Act licensing requirement will now not apply to you until the FMA makes a decision on your application. Previously you had to be licensed by 1 December. This concession only applies until 28 February 2015.

To date, we have received applications or notifications of intent to apply from around 30 potential licensees. This is in addition to current futures dealers who become derivatives issuers under the FMC Act.

We will publish licensee names on the registers section of our website as licences are issued.

Information sheet: Amendments to governing documents to comply with the FMC Act

We’ve released an information sheet about seeking FMA consent to governing document amendments. In many cases, issuers/managers will be able to make changes without seeking FMA consent. But where this is needed, a formal application will need to be made. The information sheet details how to make these applications.

KiwiSaver data at your fingertips

Have you ever wondered how KiwiSaver funds are performing? What the fees are? What assets they hold? Did you know that you can get all that data from our website?

By law, there is a requirement for managers of all (non-restricted) KiwiSaver schemes to produce quarterly and annual disclosure statements. This is to ensure consistent and comparable information about KiwiSaver funds is publicly available on a regular basis and to enable investors to make more informed investment decisions. Using that information, FMA consolidates all this data into one handy Excel spreadsheet per reporting period every quarter. Find them on our website under Help Me Invest -> KiwiSaver -> Compare KiwiSaver Information

Use this file to understand how the data is structured.

If you are looking to compare KiwiSaver funds' performance, fees and service, we also recommend you visit Sorted's KiwiSaver Fund Finder calculator. This easy tool not only provides a comparison of KiwiSaver funds and schemes but there is additional information about KiwiSaver which you may find useful.

(Sorted mixes single sector funds with diversified funds in their risk categories.)

Please note, we do not make any representation or give any assurance of the accuracy, quality or completeness of the consolidated data, as FMA consolidates the data files submitted by KiwiSaver managers. KiwiSaver managers are each responsible for the accuracy, quality or completeness of their individual data.

Current consultations

FMA media releases issued in the last month

Questions?
For enquiries about any of these topics please email us at questions@fma.govt.nz

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