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Focusing our efforts

Liam Mason, Director of Regulation


1 December marks the end of the 2 ½ year transition period to the ‘new‘ FMC Act.  It has been a race to the finishing line both for the FMA and for many firms. We appreciate the efforts put in by the majority, who responded to our calls to get applications for licences or exemptions to us in good time. This has helped us to complete a relatively smooth transition.

As we reach the end of the beginning for the FMC regime, the FMA is looking forward to our first year of monitoring conduct and disclosure under the new legislative framework.  Building on what we’ve learnt from the transition is a key theme for our strategic planning, business planning and budgets for next year. The increase in our funding enables us to plan further ahead than we have previously and take a fresh look at where, and how, we focus our efforts.

This new investment comes with a heightened need for transparency about how we allocate our resources and why.  We intend, over the coming months, to provide a clearer line of sight between our identification and prioritisation of risks, the outcomes we’re targeting, actions we take and the costs those actions impose on industry.

We’re starting with the review and refresh of our Strategic Risk Outlook (SRO), scheduled for publication in February. The SRO sets out our view of the key drivers of risks to fair, efficient and transparent financial markets, and our priorities based on those drivers. These priorities will flow through to our objectives and the actions we’ll take to achieve them, set out in our Statement of Intent and annual corporate plan. And we’ll report on what we’ve achieved in our Annual Report.

We will be getting a global perspective on our work next year, when the IMF completes its review of New Zealand’s financial system. The IMF’s financial sector expert is here now, looking at our regulatory framework for managed investment schemes, meeting with both FMA staff and a variety of market participants. The outputs of the IMF’s review – a combination of Detailed Assessment Reports and Technical Notes - are expected sometime in the first half of 2017.


Liam Mason

Director of Regulation, FMA

It's ok to hang up

As part of Fraud Awareness Week, we are warning consumers to protect themselves by being aware of fraudsters. We have noticed an increase in cold-calling and ‘boiler-room’ scams which are not just affecting first-timers but professional and experienced investors too.

Learn more


18 - 19 November

New Zealand International Fraud Film Festival Read more ›


30 November


Transitional period ends for offers under the Securities Act 1978


1 December


FMC Act comes into force. Any remaining derivatives issuer transitional licences expire.


16 December

Consultation closes: KiwiSaver advice Read more ›

Regulatory update

A key piece of work for us is finalising exemption notices to support businesses adapting to the FMC Act regime. Those exemptions follow policy decisions outlined in our 3 October 2016 update.


Once we have completed this work, we will publish a summary of the notices, after 30 November 2016.

Regulation of communal facilities in real property developments

See our recently published information sheet that explains how the FMC Act will affect companies and incorporated societies that manage communal facilities.


Code Committee news

Revised Code of Professional Conduct for AFAs published.

Reappointment of Code Committee members announced.


Are you a set - and - forget investor?

When it comes to investing, many of us don’t check up on our investments as often as we should. Our Track your investments pages explain why it’s important and outlines the different ways investors can follow the progress towards their goals.

Maximise your financial future


Did you know there is a range of options to help you maximise your superannuation and/or KiwiSaver?  Our KiwiSaver and superannuation pages can help you understand the essentials, including the simple changes you can make to enjoy a more comfortable future.


Coming soon

Look out for the following publications we’ll be releasing before the end of the year.


  • Audit Review 2016
  • AML/CFT Report 2016
  • Conduct Review 2016

FMA news

16 Nov- Minister Collins to open Fraud Film Festival


15 Nov - When strangers call bearing investment gifts: hang up


8 Nov - FMA issues updated guidance on KiwiSaver advice for consultation


4 Nov - Minister announces more funding for FMA work


3 Nov - Corruption in sport is just one of many types of fraud


All news
Industry insights

Alpha Architect

Earth to passive investors: lunch is never free 


Blackrock Investment Institute
What the election outcome could mean for markets and policy


NZ Herald

Graeme Wheeler: Our two big Trump risks


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