AMP Capital has transitioned the first of its retail products to the new regulatory  regime under the Financial Markets Conduct Act 2013 (FMC Act) a year ahead of  the required deadline.  As from today,  new compliance obligations will apply to the offer, distribution and governance  of the 24 funds in the AMP Capital Investment Funds product suite.

The FMC Act introduces a number of changes for companies providing managed  investment schemes, including a licence requirement, a new compliance regime  and product disclosure statements for financial products.  Market participants have until December 2016  to transition to the new regime.  

Grant Hassell, AMP Capital Managing Director and Head of Fixed Income, reaffirmed AMP  Capital's commitment to the new investor-focused regulations. 
"As a strong supporter of financial market reform, we fully support the FMC Act's  intent to improve investor outcomes. AMP Capital is proud to be one of the first fund managers in New Zealand to be  granted a licence under the Act, and now one of the first to transition its  retail product range to the new regime." Mr Hassell said.

"One  of the principal objectives of the FMC Act was to ensure investors and their  advisers have better and clearer information allowing them to make confident  and informed decisions.  Previous long  and highly technical prospectus and investment statements have been replaced by  a product disclosure statement tailored to retail investors.  In practical terms, this means the AMP Capital Investment Funds investment statement will be replaced by six product  disclosure statements, each covering funds on a thematic basis.

"We  are pleased with the improved compliance and governance we have put in place  following extensive consultation with the Financial Markets Authority and  remain committed to providing investors with excellent investment management products and services.