FMA Update

Monday 13 October

Money Week ‘Heavy Weight Debate’

It’s Money Week and the perfect time to get your money fighting fit! The FMA will be hosting a panel discussion to promote greater understanding of investment risk at St Matthew in the City, on Thursday 16 October. The event is free and open to everyone.

Find out more

New guidance on Governance

At the end of September we released our Guidance Note: Governance under Part 4 of the FMC Act.

Part 4 introduces new reporting duties for debt issuers, MIS managers/trustees of restricted schemes, supervisors, auditors, custodians, actuaries, investment managers and administration managers. Our new Information Sheet: Reporting duties under Part 4 of the FMC Act, outlines the new duties for each party.

Save the date – FMC Act transition workshop for fund managers

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

Times & Dates:

• 9:30 – 11:30am 19 November, Auckland (Venue TBC)
• 9:30 – 11:30am 26 November, Wellington (Venue TBC)

More details will be published on our website soon, but in the meantime pencil the date in your diary.

KiwiSaver Report and Superannuation Schemes Report released

The FMA’s KiwiSaver and Superannuation Schemes reports for 2014 were released on 30 September.  The reports provide a general overview of our activities relating to KiwiSaver and New Zealand’s superannuation schemes and set out the statistical highlights for the year ending 30 June 2014.

KiwiSaver Report 2014

Superannuation Schemes Report 2014

Upcoming FMC Act related consultations

We’ll be consulting on several aspects of the new offers framework (including an update to our existing guidance on effective disclosure), and on our discretion to use s224 (FMA discretion to authorise the issuer to decline a request for a copy of a register).

Our ‘How can I get involved’ webpages provide more detail on our indicative publication timeline.

FMA media releases issued over the last month

• FMA files civil proceedings against Archer Capital and Healthcare Industry
• Competition between providers for customers’ KiwiSaver funds increases rapidly
• FMA issues warning about General Equity
• FMA releases 2014 Investigations and Enforcement Report

Previous FMA news updates

• Financial Markets Authority AFA Update Issue No. 32
• Financial Markets Authority AFA Update Issue No. 31
• Financial Markets Authority AFA Update Issue No. 30