April 2014 marks the start of a new era for New Zealand’s financial markets with Phase One of the Financial Markets Conduct (FMC) Act 2013 coming into effect. This is an ambitious and exciting period of change for market participants and for investors.
The key parts of the Act coming into effect now include being able to apply for licenses under the new licensing regime, this includes the exciting new services of peer-to-peer and crowd-funding platforms. Another key change is FMA becoming the primary regulator of conduct in relation to financial products and financial services in place of the Commerce Commission.
You can find all the key details of these changes, including useful links and when you will need to comply, on our website.
The rest of the FMC Act will come into force on 1 December 2014, which is when new disclosure requirements and licensing obligations will begin to take effect. The new online registers system will also be up and running, ensuring information on financial products and managed investment schemes are easily accessible and comparable.
Over the next few months there will be more opportunities to join the conversation and to help shape the future, so keep an eye out for updates.
FMA’s CEO Rob Everett addressed business leaders on the medium-term challenges in financial services in New Zealand at the Langham Hotel on Wednesday 2 April 2014. Hear what he has to say.