FMC Act
Financial Markets Conduct Act 2013 (FMC Act)
The principal NZ statute governing the issue, supervision and conduct of managed-investment schemes, securities offers, and financial-product disclosure.
The Financial Markets Conduct Act 2013 (FMC Act) is the principal piece of New Zealand legislation governing the issue of financial products to retail investors, including all managed-investment schemes. It came fully into force on 1 December 2014, replacing the Securities Act 1978 and several related statutes.
The FMC Act sets the framework for: licensing of managed-investment scheme managers, supervisors and custodians; product disclosure (PDS, SIPO, OMI, Quarterly Fund Update); the FMA's investigation and enforcement powers; misleading and deceptive-conduct rules (the "fair-dealing" provisions in Part 2); and the Disclose register run by the Companies Office on behalf of the FMA.
Together with the Financial Markets Conduct Regulations 2014 it sets the detailed rules every NZ retail managed fund operates under. Specific sections cited frequently in fund disclosure: ss129–138 (fair-dealing); s164–168 (SIPO); regs 51–54 (OMI); ss49–60 (PDS).
Primary sources
Related terms
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Disclose register · disclose-register.companiesoffice.govt.nz
FMA Disclose register
The official New Zealand register of every retail managed-investment scheme — the primary public source for fund PDSs, SIPOs, OMIs, Quarterly Fund Updates and full-portfolio holdings disclosures.
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PDS
Product Disclosure Statement (PDS)
The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest.
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SIPO
Statement of Investment Policy and Objectives (SIPO)
The fund-manager document setting out the fund's investment objectives, strategy, asset-allocation ranges, derivative use, hedging, rebalancing and exclusion rules — filed on FMA Disclose and binding on the manager.
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OMI
Other Material Information (OMI)
A supplementary FMA-required disclosure document containing material information about a fund or scheme — typically conflicts of interest, related-party transactions, fee waivers, auditor/trustee/custodian identities — that is not included in the PDS.
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MIS · Scheme
Managed Investment Scheme (MIS)
The legal vehicle under the Financial Markets Conduct Act 2013 that holds investor money in a pooled fund. Every NZ retail managed fund is part of a registered MIS.