Consultation paper: Exemptions impacting overseas businesses, and restricted schemes

First published 4 March 2016


Final date for submissions


5pm, Thursday 24 March 2016

(this consultation has concluded)

Consultation paper

Exemptions impacting overseas businesses, and restricted schemes

Submission form Feedback form
E-mail for submission (please use the title of the consultation paper for the subject line)

Over 2015, the FMA has been working with stakeholders to support the implementation of the Financial Markets Conduct Act 2013 (FMC Act) regime. One of the ways we have been doing this is by considering use of our legislative tools such as class exemptions, designations, frameworks, methodologies, and public accountability notices.

This consultation details our proposed exemptions to provide relief on four issues affecting overseas businesses, and trustees for restricted schemes. The issues are:

  • balance date alignment for FMC reporting entity subsidiaries
  • recognition of overseas auditors for custodian assurance engagements
  • treatment of overseas banks offering simple debt securities to existing investors resident in New Zealand
  • independence requirements for licensed trustees appointed as directors of sole corporate trustees for restricted schemes.

We would like feedback on the exemption proposals discussed in this paper.

Submissions closed on Thursday, 24 March 2016

All comments should be submitted to with the subject line: ‘Exemptions impacting overseas businesses, and restricted schemes: [your organisation’s name]’