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Conduct guide to lead us into 2017

Rob Everett, Chief Executive, FMA


We have finally completed the long hard slog into Dec 1, marking the end of the FMC Act transition and the deadline for fund manager licensing.  A huge legislative transformation has taken place in financial services and I imagine many of you will be looking forward to taking a breather as we head into the summer break.

As we contemplate the new conduct regime now in place, it’s a good point to note that our consultation process on the proposed Conduct Guide is complete. It generated much thoughtful input, both in submissions and general engagement. The finalised guide will be published early in the New Year to ensure it gets the focus it requires.

We had around 30 submissions from a variety of sources including several industry associations providing comments on behalf of their members.  In addition, we have been able to discuss the intent and content of the guide with a number of stakeholders.

We are pleased to hear that some industry participants have already found it valuable, whether helping them to manage conduct risk, or develop new ways to meet the challenge of designing good conduct into their organisations.

We also had the chance to give a few assurances about what the guide will be used for and what it will not.

I feel the FMA team has achieved a lot this year. We are strongly committed to keep an open and positive dialogue with the industry, so with that in mind, thank you to everyone who has submitted into our consultations or finds other ways to give us feedback. We may not always agree with you but we’re far better off with it than without.

I wish everyone a restful and happy summer break.


Rob Everett

Chief Executive

FMA releases AML/CFT monitoring report

This report shows progress in REs meeting their AML/CFT obligations but there is some way to go.





15 December


New and revised auditor reporting standards come into effect.


16 December


KiwiSaver advice consultation closes. Read more ›

22 December - 8 January

FMA offices closed for holiday period. Read more ›

Reminder about changes to quarterly fund updates

The Financial Markets Conduct Amendment Regulations 2015  introduced new requirements for MIS quarterly fund updates, but we’ve noticed some fund updates are not yet including them.

This is a courtesy reminder that these amendments are in effect and need to be factored into your quarterly fund updates.  To help with this we’ve published some information about fund updates on our website, including a list of the key amendments. We also recommend you consider getting a full legal review of your next fund update.



Changing a director or senior manager? You need to tell us

As part of the conditions as a licensee, you are obligated to notify the FMA when a new director or senior manager is appointed. All the new director or senior manager simply needs to do is complete a declaration form located on our website.


Once it is completed, signed and scanned, it can be emailed to us at  If you have any questions about this please contact us.


Class legislative notices update

See our latest class legislative notices update for 2016 where you can see a summary of the class notices we have issued and a small number of matters which we are continuing to work on.


Securities Act, Securities Markets Act and Financial Reporting exemptions redundant

Exemptions from the Securities Act 1978 and the Securities Markets Act 1988 and regulations are now redundant.  You can no longer rely on them. 


Exemptions from the Financial Reporting Act 1993 do not apply for any current or future accounting period.  These exemptions will also therefore shortly be redundant - once the time has passed for filing final financial statements for past accounting periods for which these exemptions were relied on. We will remove all redundant exemption notices from the statute books over the next few months.

If you have any questions about these please see our website or contact us at


Accredited body reports

Please see our website for the latest accredited body reports released yesterday.



ASX 24 report

We have just released our first Australian Securities Exchange Limited (ASX 24) report.  We are required to report at least once every two years on how well ASX 24 is meeting its licensed market operator obligations and whether ASIC was satisfied with ASX 24’s compliance during a specified review period. 

Offering financial products in NZ and Australia under mutual recognition

In partnership with Australian Securities and Investments Commission, we have recently updated the guide on 'Offering financial products in New Zealand and Australia under mutual recognition'. This guide explains what issuers have to do under the trans-Tasman mutual recognition scheme for financial product offers made in both countries. 


Any NZ or Australian issuer, who wishes to make offers of financial products under the scheme, should read this guide and note the key changes.


Consultation update

Last year we ran a consultation, seeking feedback on our proposal to add a new standard condition that will require all FMC Act market service licensees to declare to us, on an annual basis, their compliance with each condition of their licence. Given the responses we received, we have decided to consult further on this in 2017.


Coming soon

Look out for the following publications we’ll be releasing early next year.


FMA news

8 December - FMA releases AML/CFT monitoring report

1 December - The end of the beginning for the new regime in financial services


28 November - FMA releases Audit Quality Monitoring report

Industry insights

Exposure draft released of new anti-money laundering laws


What Happened to the Financial Blockchain Revolution



Improve the retirement equation

BlackRock Blog


Tipping points 2016: Summary of 50 asset owners’ and managers’ approaches to investing in global systems

IRRC Institute

FMA offices closed over the holidays

Our offices will be closed from 3.30pm Thursday 22 December and will reopen on Monday 9 January 2017. Complaints and enquiries can still be lodged during this period using our online forms, however, they will not be processed until 9 January.



This is our last FMA Update for 2016.  Our next one will be in February 2017.  We wish everyone a safe and happy Christmas.



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FMA - FINANCIAL MARKETS AUTHORITY     Financial Markets Authority
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2 Takutai Square
Auckland 1143
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