The Companies Office has provided an update on the development of the online register for use from 1 December 2014 when the second phase of the Financial Markets Conduct Act 2013 (FMCA) is implemented. The Companies Office expects the online register to be live by early November 2014, with information on how to use the register.
The FMCA requires the establishment of two new registers. These are a register of offers of financial products and the register of managed investment schemes.
To meet the 1 December 2014 timeframe, the Companies Office has indicated that the website is being built with simple, basic search capability. More sophisticated search and compare functionality will be developed as the register becomes more populated.
By 1 December 2016 the Financial Markets Conduct Register will replace a number of existing registers currently managed by the New Zealand Companies Office and the Financial Markets Authority. These include Participatory Securities, Unit Trust, Superannuation Schemes, KiwiSaver Schemes and the Complying Superannuation Funds registers.
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