This month FMA released three information sheets to assist market participants with various aspects of the Financial Markets Conduct Act 2013 (FMCA) implementation transition period. These are:
The information sheet “Fair dealing provisions - transitional arrangements for advertising” which advises issuers and third parties who advertise in order to promote offers during the period 1 April 2014 to 30 November 2016 (thetransition period) why they need to be aware of new FMCA fair dealing provisions and how they apply.
The information sheet “Creation of new unit trusts during transition period” which responds to queries by market participants about the ability to create new unit trust schemes under the Unit Trusts Act 1960 between 1 December 2014 and 30 November 2015. FMA’s opinion is that persons creating unit trusts between 1 December 2014 and 1 December 2015 can choose between regimes.
The information sheet “When one-off, or occasional issuers, are required to register on the FSPR” which clarifies when one-off, or occasional issuers, must register on the Financial Service Providers Register (FSPR) under the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (in addition to any disclosure obligations that they may have under the Financial Markets Conduct Act 2013).