The new FMC Act Part 4 accountability requirements came into effect on 1 December 2014. However, there is a two year transition period to comply with the regime.
Transition period for Managed Investment Schemes (MIS)
The table below sets out the key dates for Managers of MIS and Trustees of restricted schemes.
- Manager can select an 'Effective Date' any time between 1 December 2014 and 1 December 2016 to come into the new regime.
- Manager must give 20 working days notification of Effective Date to the Registrar.
- Former enactments continue to apply until Effective Date. After Effective Date FMC Act applies to the securities.
- Copy of governing document (FMC Act compliant) must be lodged with Registrar before Effective Date.
- Issuer must give specified information to Registrar and FMA before Effective Date.
- Subject to compliance with registration requirements, on/after Effective Date the Registrar amends the register to include the MIS.
- Must not make regulated offer / accept contributions if transitional requirements not complied with.
Our information sheet factsheet on transition for Managed Investment Schemes summarises what needs to be in place by the effective date, and the transitional registration arrangements.
For more details on timings for the FMC Act, see our calendar.