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The name's Bond.......

Rob Everett, Chief Executive, FMA


This week is Sorted Money Week. It’s great to see a high level of industry engagement in this year’s event, which centres on the question ‘what does debt do for you?’ In line with this theme we’ve focussed our Money Week efforts on bonds. Using the tag-line ‘all bonds are not equal,’ we’re aiming to increase the number of New Zealanders who know what to look for when buying bonds.

We’re also highlighting New Zealanders’ exposure to bonds through their KiwiSaver membership – something we expect very few KiwiSaver members are aware of. We hope our efforts go some way to changing that.


Under our new funding arrangement (which kicked in on 1 July) we’re working to raise awareness of our objectives for the year and the activities we will undertake to achieve them.

Later this month we’ll publish our business plans for the first time, in the shape of an Annual Corporate Plan. This sits alongside our other core publications - the Strategic Risk Outlook, SoI, SPE and Annual Report.  In addition to outlining our objectives and activities, it will also provide some basic information about how we’ve allocated our financial and human resources.


We expect this document to evolve over time, but as a first effort I hope it will contribute to the process of being open and transparent about what we do and why.  As always, feedback is welcome.


I’d like to thank all those who responded to our recent consultation on a proposed exemption to facilitate personalised robo-advice. We had a large response to this proposal and are now considering all the feedback before finalising our policy in October.


The growth of fintech and emergence of innovative new products and services is not going to stand still, so neither should we.  Our approach to robo-advice reflects our support for new platforms, markets, products and services, and the fact that, ultimately, we’re here to help markets work well and businesses succeed. We operate in a flexible financial regulatory system and have the tools to respond to what the market is doing, rather than what it might have done five years ago. 


If you are developing an innovative new financial product or service, we’d love to hear from you as early as possible in the design process - this will help us to help you. You can read more about our approach to supporting innovation on our website.


Rob Everett

Chief Executive

All bonds are not equal

Bonds generally offer more stable returns and lower risks than investments such as property or shares.


But some bonds are riskier than others. Do you know the differences and understand the risks?



3 July - 31 August

Annual AML/CFT reports - Reporting entities we supervise are required to submit their annual AML/CFT report before 31 August 2017. Read more ›

Crowdfunding and peer-to-peer lending providers annual regulatory return. Licensees must submit theirs before 31 August 2017. Read more ›


14 August - 30 September

AFA Information returns - submissions close 30 September 2017.  Read more ›

1 September

Consultation: Proposed exemption from the market index requirement - submissions close Friday 1 September. Read more ›

19 September

Consultation: APEC's consultation on Asia Region Funds Passport Guidance - submissions close Tuesday 19 September. Read more ›

Robo-advice consultation update

Thank to you to everyone who responded to this consultation.  We had a large response (49 submissions) that we are currently considering before finalising our policy.  We aim to announce our decision about this in October.


MRSO guidance updated

Last month we updated our ‘Offering financial products in New Zealand and Australia under mutual recognition' guidance. This update clarifies how documents and information should be lodged with the NZ Companies Office on the Disclose Register.

Recent changes to financial markets regulations

Read our latest update on changes to regulation in the following areas: making annual reports available to shareholders electronically; fees and levies; defined benefit schemes register obligations; civil liability and rating agency.


Fee disclosure by managed funds

See our guidance and methodology notice for KiwiSaver scheme providers on how to calculate the total fees charged to each investor.


What's coming soon

Designation and exemption decisions


We have decided to issue the following designation and class exemptions. As they become finalised in the next couple of months, we will publish them on our website.



Short duration forward foreign exchange contracts: After consulting on this in April, we decided that short duration forward foreign exchange contracts, that are physically settled, are not derivatives for the purposes of the FMC Act. 




Irrigation companies: We decided to exempt irrigation companies operating under co-operative principles (but not legally structured as co-operative companies) from some disclosure, governance, and financial reporting requirements.  The relief will vary depending on whether the per shareholder investment is small and/or the annual revenue low.  This is equivalent to relief currently available to co-operative companies. 


Multiple-participant schemes: Managers of multiple-participant schemes will be exempt from having to register participation agreements on the Disclose register.


Notional registered schemes: Managers  will be exempt from providing scheme financial statements for notional registered schemes.  Notional registered schemes are registered schemes comprising a number of funds registered together as a scheme, where each of the funds are separate legal entities with no cross-liabilities.


FMA news

7 August - Update for Forestlands investors


31 July - Judgment confirmed in the FMA v Warminger as appeals withdrawn


21 July  - Consumers tell FMA about financial providers’ conduct


19 July - FMA confirms KiwiSaver fees methodology

Industry insights

The Corporate Governance in New Zealand

Chapman Tripp – Trends and Insights


Cryptocurrency growth
University of Cambridge Judge Business School


Field of dreams: AI and financial services


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Auckland 1143
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