July 29, 2022

FMA Update

Ethical investing research and thematic review

The FMA has released two important reports on ethical investing: research into the ethical investing customer journey, and a thematic review of integrated financial product fund documentation (including ethical funds).

Our research shows Kiwis clearly have a preference for funds that match their ethics or values, but are not researching these products closely. Our new report finds that ESG features are often not explained clearly, which makes it harder for investors.

Download the new research here and read the thematic report here.

Proposed standard conditions for financial institution licences

We are consulting on the proposed standard conditions that will be placed on financial institution licences granted as part of the upcoming CoFI regime. Have your say on the conditions that banks, insurers and non-bank deposit takers will need to comply with as part of meeting obligations under the new regime.

Submissions close 7 September.

Climate-related disclosures final exposure draft released

The External Reporting Board (XRB) has launched its third and final consultation for full exposure of the Climate-related disclosure draft.

You can download the draft and take part in the consultation here:

New podcast launches - 5 mins with the FMA

Our new podcast series, '5 mins with the FMA', features quick Q&As with FMA experts on topics of interest to local market participants. In our first episode, Director of Supervision James Greig talks cyber resilience, following the release of our latest information sheet on the subject.

Read our “Cyber Security & Operational Systems Resilience” information sheet here:

Head of Enforcement

Congratulations to Margot Gatland, who was this month named FMA's new Head of Enforcement. 

Sole financial advice providers encouraged to hit ‘Submit’ in September

Sole financial advice providers (FAPs) are being reminded to “Hit ‘Submit’” and complete their full licence applications by the target date of 30 September.

We’re hosting a series of free online sessions that will walk you through the Class 1 application process – one section at a time. Each session will go through a different section of the application process, helping to make it easier to navigate, easier to understand and easier to action.

Sessions start Tuesday 9 August

Proposed guidance on reasonable grounds for financial advice about IPOs and listed equity securities

We are consulting on proposed guidance that explains the FMA’s approach to applying and enforcing Code Standard 3 of the Code of Professional Conduct for Financial Advice Services, in relation to financial advice about Initial Public Offerings (IPOs) and listed equity securities.

Approach to oversight of financial statements

Our new "Approach to oversight of financial statements" is a summary of our main work in monitoring compliance with financial reporting obligations by FMC reporting entities and registered schemes (regulated entities) from 2022-2025.

FMA website 

We are refreshing the FMA website later next month to make it easier to find information. 

The website will look a bit different but all existing content will be retained. Some of the pages you have bookmarked may change but you will be able to easily find these pages via the new sitewide search or Documents Library.

Please contact us at questions@fma.govt.nz for any website queries.

Latest scam warnings:

- Quantree Investment
- www.wardfs.com
- Citiclient-assets.com
- Enbridge international consulting
- Crypto Bot
- nzglobaltrading
- GSF asia pacific
- avistechlimited
- Northwest options exchange
- Apex equity advisers

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