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Getting the balance right

Rob Everett, Chief Executive, FMA


For our financial markets to succeed we need capable, confident and well-informed investors.

That requires investors to trust their provider, which comes from the provider’s conduct and from the investor’s own capability to make good investment decisions. For a regulator, that means we need to balance our efforts to ensure they are appropriate for the needs of investors and of the market. The messages in our recently released Conduct Guide, Strategic Risk Outlook (SRO), Conduct Outcomes Report and our KiwiSaver sales and advice guidance all reflect this attempt to get the balance right. 

On the back of this, there are many other matters making the news.  MBIE‘s exposure draft of proposed changes to legislation following the FAA review, the judgement on Mr Warminger in our first contested market manipulation case, and the charges filed against two individuals for insider trading.

An early indication from the IMF’s review of our work has been positive. Coupled with industry feedback on our SRO, it reinforces that the breadth and variety of topics and sectors we are active in, or are considering, is about right. This is energising and challenging for us and, I suspect, for you.


We are conscious the FMA is not the only game in town as many of you are also dealing with regulatory requirements and burden from other parts of NZ or the global environment. With the recent flurry of FMA activity, we appreciate that we are adding to that challenge but I hope that what we’re producing adds value. I am sure you will tell us if not.

Right now we are working out how to prioritise our human and financial resources across the sectors we regulate (eg, though licensing or by enforcing the law). 

Developing our ability to assess the risks to our objectives and to respond effectively to those risks is what this next period for us is all about. We plan to be as transparent as possible about the risks we see, what we plan to do to counteract them and how we will measure our success in doing so.

We look forward to engaging with you on all of that.


Rob Everett

Chief Executive

FMA publishes KiwiSaver sales and advice guidance

Our latest guidance note outlines our view on what advisers or providers of KiwiSaver should talk to investors about, types of advice and the use of customer incentives.



Don't forget to take part in the following consultations closing soon.


17 March


Consultation paper: Requirement for managers of multiple participant schemes to register participation agreements. New and revised auditor reporting standards come into effect.  Read more ›


Consultation paper: Proposed transitional relief for non-NZX brokers to allow limited use of buffers.  Read more ›


7 April


Consultation paper: Disclosing non-GAAP financial information. Read more ›


2016 IFIAR survey results

The Independent Forum of Independent Audit Regulators (IFIAR) has issued the results of their annual inspection findings on the six largest global audit networks survey earlier this month.  Find out what they have to say.


New financial advice regime update

The Ministry of Business, Innovation and Employment released last month an updated factsheet with information about the consultation on the draft Financial Services Legislation Amendment Bill and proposed transitional arrangements that will amend the regulation of financial advice in NZ.  You can also read the Code Committee’s submission for this consultation on their website.

MIS managers – want to send your investors their annual report electronically?

See our updated FAQs clarifying how annual report information can be shared to investors.


What investors need to know

5 question to ask yourself before moving your KiwiSaver

Know your options, don’t be pressured and think about what you could be giving up.

What to expect from your financial services provider

Watch our short video clip so you know what you’re entitled to.


What's on the horizon - coming soon

Look out for the following publications we’ll be releasing in the next month:


  • Consultation: Disclosing non-GAAP information in an equity PDS.
  • Consultation: Proposed class designation impacting how short-term derivatives are captured under the FMC Act.


  • Consultation: As a result of engagement with the MIS sector, we will be consulting on a potential exemption for MIS managers.  The exemption would grant relief from the requirement to prepare scheme financial statements where the scheme is composed of a number of unit trusts that do not have joint liabilities. If granted, MIS managers will still have to prepare financial statements for each of the unit trusts (separate funds).
  • AFAs in New Zealand – snapshot of the financial advice industry drawn from the online returns by around 1800 Authorised Financial Advisers.

FMA news

9 March - FMA files charges for insider trading

20 February - The FMA publishes its first Conduct Outcomes Report

Industry insights

Dubai Financial Regulator Reveals FinTech Regulatory Approach



Australian Finance Regulator Unveils Blockchain Research Effort



Hedge funds adopt novel methods to hunt down new tech talent
News on a hand


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