This note is not part of the regulations, but is intended to indicate their general effect.
These regulations, which come into force on 21 April 2017, amend the Financial Markets Conduct Regulations 2014 (the principal regulations) to prescribe new information disclosure requirements for KiwiSaver schemes.
New information disclosure requirements
The principal regulations require the manager of a KiwiSaver scheme to disclose certain prescribed information (called “confirmation information”) to each scheme participant. The information must be disclosed in respect of each accounting period. These regulations replace the disclosure requirements in the principal regulations with more extensive requirements (set out in regulation 6, new regulations 70 and 70A). New regulation 70 requires the manager of a KiwiSaver scheme to provide the following to scheme participants:
the participant’s balance in the scheme at the start of the accounting period (or, if they joined later, their balance at the time of joining):
the participant’s balance at the end of the accounting period:
the difference, in dollars, between the participant’s balance at the start of the accounting period (or, if applicable, the time of joining) and the end of the accounting period:
the total fees (defined in new regulation 70(5)), in dollars, paid by the participant during the accounting period:
the total sum of each type of transaction that occurred during the period (for example, the total of all contributions to the scheme in respect of the participant).
If fees cannot be determined, fees information may be estimated or, in certain circumstances, omitted. If an estimate is used, or a fee is omitted, the information provided to participants must include statements to that effect.
These regulations also require the manager of a KiwiSaver scheme to publish online certain information relating to the calculation, estimation, or omission of fee amounts included in the information provided to scheme participants.
When do the new information disclosure requirements apply from?
The new information disclosure requirements apply in relation to accounting periods that start on or after 31 March 2017. The requirements also apply to accounting periods that start before, but end on or after, 31 March 2017, but with the following exceptions:
the requirements do not apply to an accounting period in respect of which confirmation information was provided under regulation 70 of the principal regulations before the commencement of these regulations:
a manager of a KiwiSaver scheme may choose, for any accounting period ending before 31 March 2018, not to comply with the new requirements relating to confirmation information. A manager who chooses not to comply must instead provide certain alternative information.
Regulatory impact statement
The Ministry of Business, Innovation, and Employment produced a regulatory impact statement on 1 December 2016 to help inform the decisions taken by the Government relating to the contents of this instrument.
A copy of this regulatory impact statement can be found at—
Date of notification in Gazette: 20 April 2017.
These regulations are administered by the Ministry of Business, Innovation, and Employment.