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Financial Markets Conduct Act 2013

Financial reporting - Overview, application, and interpretation

451: Meaning of FMC reporting entity

You could also call this:

"What it means to be an FMC reporting entity in New Zealand law"

Illustration for Financial Markets Conduct Act 2013

When you hear the term FMC reporting entity, it means certain people or organisations. You are an FMC reporting entity if you issue a regulated product, but check out section 452 for more information. You can also be an FMC reporting entity if you hold a licence under Part 6, except in some specific cases.

If you are a licensed supervisor, a listed issuer (check section 351(1)(ab) for details), or an operator of a licensed market (except for overseas-regulated markets under section 317), you are an FMC reporting entity. You are also an FMC reporting entity if you get money from a conduit issuer (see section 453 for more information), or if you are a registered bank, a licensed insurer, a credit union, or a building society.

There is another way you can be an FMC reporting entity, which is explained in clause 27A of Schedule 1. However, if you hold a licence under Part 6 only to act as an administrator of a financial benchmark or a financial advice service, and you do not fit into any of the other categories, then you are not an FMC reporting entity.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4702241.

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Part 7Financial reporting
Overview, application, and interpretation

451Meaning of FMC reporting entity

  1. In this Act, FMC reporting entity means—

  2. every person who is an issuer of a regulated product (but see section 452):
    1. every person who holds a licence under Part 6 (other than an independent trustee of a restricted scheme or a person referred to in subsection (2)):
      1. every licensed supervisor:
        1. every listed issuer (but see section 351(1)(ab)):
          1. every operator of a licensed market (other than a market licensed under section 317 (overseas-regulated markets)):
            1. every recipient of money from a conduit issuer (see section 453):
              1. every registered bank:
                1. every licensed insurer:
                  1. every credit union:
                    1. every building society:
                      1. every person that is an FMC reporting entity under clause 27A of Schedule 1.

                        1. Despite subsection (1)(b), a person who holds a licence under Part 6 is not an FMC reporting entity if—

                        2. the licence only covers acting as an administrator of a financial benchmark or a financial advice service (or both); and
                          1. the person is not a person referred to in subsection (1)(a) or (c) to (k).

                            Notes
                            • Section 451: replaced, on , by section 48 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).
                            • Section 451(1)(b): amended, on , by section 45(1) of the Financial Markets (Derivatives Margin and Benchmarking) Reform Amendment Act 2019 (2019 No 46).
                            • Section 451(2): inserted, on , by section 45(2) of the Financial Markets (Derivatives Margin and Benchmarking) Reform Amendment Act 2019 (2019 No 46).
                            • Section 451(2)(a): amended, on , by section 33(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).