Financial Markets Conduct Act
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.
On this page
The FMC Act aims to facilitate capital market activity to help businesses fund growth and individuals to reach their financial goals.
It was passed into law in September 2013 following a review of the existing securities law.
Financial Markets Conduct Act(external link) — New Zealand Legislation website
Read more about the development of the Financial Markets Conduct Act.
The FMC Act was amended in 2019 to incorporate the regulation of financial advice.
Read more financial advice regulation.
Further changes are also being proposed to the FMC Act to regulate the conduct of banks, insurers and non-bank deposit takers.
Read more about the conduct of financial institutions review.
Financial Markets Conduct Regulations
The Financial Markets Conduct Regulations 2014 provides the supporting detail to the FMC Act. Supplementary amendment regulations have been made since 2014.
Financial Market Conduct Regulations 2014(external link)
Read more about the development of the Financial Market Conduct Regulations.
Asia Regions Funds Passport
The Asia Region Funds Passport is intended to provide New Zealanders and investors in the Asia region with access to a greater range of investment opportunities.
Read more about the Asia Region Funds Passport.
Evaluation of the FMC Act
In 2015, we began a 5-year evaluation of the effectiveness of the FMC Act, primarily to assess whether short- and medium-term policy outcomes of the Act have been achieved.
Our framework and methodology for the evaluation is set out in the Financial Markets Conduct Act – Baseline report and evaluation plan.
Financial Markets Conduct Act – Baseline report and evaluation plan [PDF, 559 KB]
An interim report setting out findings after 3 years of the Act being fully in force is set out in the following report.
Financial Markets Conduct Act 2013: Monitoring and Evaluation Report 2020: Phase Two [PDF, 1.6 MB]
Please note that data for the 2020 Monitoring and Evaluation Report was collected prior to the emergence of COVID-19.
The final phase of the evaluation is expected to begin in late 2022. This is later than previously planned due to the impact of COVID-19.