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Thursday 31 July
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'FMC Act into action' event
FMA, in partnership with INFINZ and supported by NZFMA, will be holding an ‘FMC Act into action’ event.
Sessions will be held in Auckland on Tuesday 12 August and Wellington on Thursday 21 August, to help market participants understand what the Financial Markets Conduct Act 2013 means for their business. Each session will break into two facilitated groups and attendees can join a session for issuers of debt and equity or issuers of derivatives.
Directors, managers, line staff, legal investment bankers and advisers, and compliance professionals in corporates and banks issuing securities or offering derivative products will have the opportunity to ask questions of FMA representatives. Attendees will qualify for two CPD hours.
Further details on these sessions can be found here.
To register contact Iona Gibbs on admin@infinz.com
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Governance consultation paper
Thanks to everyone who provided feedback on this consultation paper. We received 10 formal submissions on the new accountability framework – Governance under Part 4 of the FMC Act.
While some submitters expressed a view that FMA should be more involved in certain aspects of governance, others expressed the opposite view. Non-bank deposit takers were interested in the interaction between FMA and RBNZ and the implications from this interaction. A number of submitters also raised issues around SIPOs and pricing errors.
FMA will take these submissions into account as we finalise our Governance Guidance Note and we’ll be releasing a consultation paper soon with further detail on SIPOs and pricing errors.
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Do you need a derivative issuer licence?
After 1 December 2014, only those who hold a new or transitional derivative issuer licence will be able to make regulated offers of derivatives (e.g. futures including future dated foreign exchange deals, forwards and options to retail clients).
FMA has published a flow chart to help derivatives issuers determine what they need and when. We’ve also introduced a processing deadline of 1 October 2014, for those who need a 1 December derivative issuer licence.
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First crowd funding licences issued
The first equity crowd funding licences were issued today under the Financial Markets Conduct Act 2013. PledgeMe and Snowball Effect are New Zealand’s very first licensed providers of this new financial service. Read more here.
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New brochures on crowd funding and peer-to-peer lending
If you haven’t already read our new brochures on crowd funding and peer-to-peer lending, check them out here. Printed copies are available on request by emailing questions@fma.govt.nz
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AFAs due to complete first AFA Information Return
Authorised Financial Advisers (AFAs) will soon be required to complete their first annual AFA Information Return as part of their reporting requirements. This information will assist us in our risk based approach to monitoring and allow us to allocate our resources more effectively. The AFA Information Return will open shortly and all AFAs will need to complete and submit theirs online, no later than Tuesday, 30 September. To find out more about the AFA Information Return, including key dates and what questions will be asked, please visit our website.
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