- 1 What is the Financial Markets Conduct Act 2013?
- 2 What does the Fmca do?
- 3 What can the registrar do to enforce the provisions of the Financial Markets Act?
- 4 Who regulates financial advisors in NZ?
What is the Financial Markets Conduct Act 2013?
The Financial Markets Conduct Act 2013 (FMC Act) governs how financial products are created, promoted and sold, and the ongoing responsibilities of those who offer, deal and trade them.
What does the Fmca do?
It governs the way financial products are offered, promoted, issued and sold. This includes the on-going responsibilities of those who offer, issue, manage, supervise, deal in and trade financial products. The FMC Act also regulates the provision of certain financial services.
What is the financial market act?
To provide for the regulation of financial markets; to license and regulate exchanges, central securities depositories, clearing houses and trade repositories; to regulate and control securities trading, clearing and settlement, and the custody and administration of securities; to prohibit insider trading, and other …
What is Fslaa NZ?
THE FINANCIAL SERVICES LEGISLATION AMENDMENT ACT (FSLAA) > All financial advice must meet duties provided in the Act, from 15 March 2021.
What is an FMC reporting entity?
The FMC Act defines an FMC reporting entity as any person or company that is: an issuer of a regulated financial product. licensed under Part 6 of the FMC Act (other than an independent trustee of a restricted scheme) a recipient of money from a conduit issuer (an agency generating funds used by a third-party)
What is the financial Advisers Act 2008?
The FA Act regulates providers of financial advice in the investment, insurance, mortgage and banking industries. It aims to promote the sound and efficient delivery of financial adviser and broking services, and to encourage public confidence in the professionalism and integrity of financial advisers.
What is a FMC offer?
The FMC Act defines 4 types of financial products Schemes where either the interests are ordinarily continuously offered and redeemed on a basis calculated wholly or mainly on the value of the scheme property, or where at least 80% of the scheme’s assets are in certain specified liquid assets.
Who does the FSCA regulate?
The FSCA is the market conduct regulator of financial institutions, that provide financial products and financial services, financial institutions that are licensed in terms of a financial sector law, including banks, insurers, retirement funds and administrators, and market infrastructures.
What can the registrar do to enforce the provisions of the Financial Markets Act?
(1) The registrar may impose a fine in the case of any failure by a regulated person to submit to the registrar within any period specified by or under this Act any statement, report, return or other document or information required by or under this Act to be so submitted, of an amount to be prescribed by the registrar …
Who regulates financial advisors in NZ?
Financial Markets Authority. Provides information on regulatory requirements, like guidance about the licensing application process.
Do financial advisers need to be registered?
Financial advisers must be licensed. From 1 January 2019, new advisers must have a relevant Bachelor’s Degree or higher, pass an exam, have completed a professional year and meet ongoing continued professional development requirements.
What is an AML reporting entity?
Reporting Entities are businesses supervised under Section 5 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. Reporting entities need to be familiar with their obligations under the AML/CFT Act. These obligations can include: undertaking Suspicious Activity Reporting.
When did the financial markets Conduct Act 2013 become law?
The Financial Markets Conduct Act 2013 (FMCA) was amended by the Financial Services Legislation Amendment Act 2019 (FSLAA) on 15 March 2021, and is now law. The Financial Advisers Act 2008 was repealed and is no longer law.
When did the new Financial Advisers Act start?
The new financial advice regime started on Monday 15 March 2021. The Financial Advisers Act 2008 has been repealed. The Financial Markets Conduct Act 2013 (as amended by the Financial Services Legislation Amendment Act ), sets out the duties that apply to providers and individuals.
When did Section 2 of the Financial Markets Act come into force?
Section 2 (2): sections 23 to 27 brought into force, on 17 June 2014, by clause 2 (2) of the Financial Markets Legislation (Phase 1) Commencement Order 2014 (LI 2014/51).
What happens if financial advice contravenes the FMCA?
If a person who gives regulated financial advice contravenes a duty in the FMCA: A financial advice provider and its authorised bodies may be civilly liable, and the FMA may take the entity to court. As a licensee, it may also be subject to FMA action around enforcement of licences.