The new financial reporting requirements for FMC reporting entities in Part 7 of the Financial Markets Conduct Act 2013 (FMCA) came into effect as part of the first implementation phase of the FMCA on 1 April 2014. The requirements affect all FMC reporting entities, but they will apply to different entities at different points in time.

To assist FMC reporting entities determine the relevant date for when they must prepare their first full year financial statements under Part 7 of the FMCA (the FMC balance date), FMA has provided some guidance on its website here. The guidance includes a transition timetable and a table outlining trigger events for the first FMC balance date.

Existing reporting requirements under the Financial Reporting Act 1993 continue until the date the FMC reporting entity has to start reporting under the FMCA.

Under the FMCA, ‘FMC reporting entities’ include most entities who were ‘issuers’ previously, as well as most licensees under the Financial Markets Supervisors Act and the FMCA. For a complete list of FMC reporting entities click here.