The Financial Markets Conduct Act 2013 will be implemented in two phases with phase 1 coming into effect on 1 April 2014 and phase 2 on 1 December 2014. The New Zealand Ministry of Business, Innovation and Employment is currently seeking feedback on:
- a first set of regulations needed for phase 1
- a draft of the detailed requirements for disclosure documents that will be required to be given to investors before they invest. The feedback on these draft requirements will be used to assist the drafting of the regulations prescribing disclosure.
The New Zealand Financial Markets Authority’s consultation on licensing crowdfunding from 13 November 2013 can be downloaded here.