Our guidance note Governance under Part 4 of the FMC Act, addresses the need for governing documents to be effective and fit for purpose.
Existing governing documents will need to be reviewed and, as necessary or desirable, amended to ensure they meet the new requirements of the FMC Act.
We expect issuers/managers to use the most efficient means for effecting changes to governing documents. If changes can be made with the consent of the supervisor then they should be made that way rather than seeking FMA consent.
However Clause 26 of Schedule 4 of the FMC Act enables debt issuers and MIS managers to amend a governing document with the FMA’s consent where those changes are necessary or desirable for ensuring compliance with the FMC Act.
Our information sheet on FMA consent to governing document amendments under clause 26, Schedule 4 sets out when this consent can be sought, and details the application process for requesting such consent.