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FMA Update - 16 April 2015

Rob's desk

Welcome to the first edition of our refreshed FMA Update. This refresh is one of many initiatives aimed at improving access to online regulatory information, especially for firms and professionals working in financial services and capital markets but also for anyone interested in knowing more about what we do.

The FMA Update comes to you monthly, providing quick access to the latest guidance and reports we’ve published and consultations we have underway.  Overall, you’ll be able to find the most important things we’ve published, each month here.

The FMA Update will be our only subscriber emailed news. So, if you have colleagues who you think should receive it, please encourage them to subscribe via our website.

In case you hadn’t seen, we’ve also fully revamped our website, with vastly improved navigation and search, which we encourage you to use regularly.

We value your feedback too so if you have comments you’d like to share with us about the FMA Update or our website please send them to: communications@fma.govt.nz

What's new!

Derivatives Issuer Standard Conditions – updated to include suitability of products for clients

Following our consultation last year, we have now updated the standard conditions for Derivatives Issuers  licensed under the FMC Act.  We have also published our response to the submissions received. The updated conditions now include a condition relating to an assessment of suitability of products for clients.  Importantly, this condition comes into effect on 1 December 2015.  Read more >

Auditor regulation survey - have your say

Earlier this week we launched a survey to measure how effective the auditor oversight regime has been working, what issues people are talking about and where they see the greatest opportunities for improvement.

We would like to get as much feedback as possible as the results will help us to refine the auditor oversight regime and will be published later this year.

The survey takes about five minutes to complete and all responses are completely anonymous.

Please note, only one person per organisation may take part in this survey.  This is to ensure the data we receive does not bias one type of market participant.

The survey closes on Friday 1 May but if you’d like to find out more please visit our website.

New publications

Guide to Product Disclosure Statements

As the first New Zealand financial products to be offered under the new regulations start to appear on the ‘Disclose’ website, we have published a guide to help investors understand how PDSs work.

FMA Director for Primary Markets and Investor Resources, Simone Robbers, says: “It’s now easier for investors to access and read the information they need before investing. We expect to see many more product offers appearing on ‘Disclose’ and using the benefits of the new regulations. These changes are bringing to life some of the changes recommended in the government’s Capital Market Development Taskforce.”

More

Consultations

During 2015, watch for consultations on the development of FMC Act class exemptions and other legislative tools to support implementation of the FMC Act.  Final dates will be confirmed, with the objective of particular projects being progressed to meet market needs.

Current consultations

Investor acknowledgement and warning for the $750,000 minimum investment wholesale investor exclusion – closes 5pm, Wednesday 22 April

More

Reminders

31 May – DIMS

Deadline for DIMS licensing and updating FAS scope for AFAs.  See our calendar for more details.

29 June - AML/CFT Audit

For businesses that are reporting entities for Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT), your first audit must be completed by this date, where your financial activities were captured by the Act as at 30 June 2013. Check our website for more information on how to get started, guidelines and FAQs.

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What's coming up?

w/c 20 April – DIMS Survey

The 31 May date for DIMS licensing is only six weeks away.  To ensure we can meet licensing deadlines for all applicants, we will be emailing a quick survey to gage how many applications we are likely to receive in the coming weeks.  We strongly encourage all AFAs and businesses to take part so look out for the survey next week.

AFA Information Returns Report

Later this month we’ll be releasing a report which will be a snapshot of the AFA industry following completion of last year’s Information Return, a new reporting requirement for AFAs.

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FMA News

Summary of recent FMA media releases or speeches.

16 April 2015 - The FMA completes Memorandum of Understanding with all NZ’s Dispute Resolution Schemes

14 April 2015 - Better information for investors as new disclosure documents take shape

12 March 2015 - FMA warns firm under Anti-Money Laundering and Countering Financing of Terrorism Act

9 March 2015 - FMA spells out practical approach to supervision responsibilities under new law

3 March 2015 - FMA welcomes opportunity to review financial advice laws

More

Industry News

14 April  - Adoptions of new rules disappointing – Radio NZ (audio)

14 April  - Flurry of IPOs tipped for NZX in coming months , says Nikko Asset equities analyst

13 April  - Fonterra confirms $250m bond offer

9 April - FMA found nothing untoward in SkyCity share trading before casino statement