Consultation paper: Proposed exemptions for existing property schemes

First published 17 December 2015

We are considering possible exemptions to address some of the issues faced by existing property schemes or syndicates in complying with certain requirements under the Financial Markets Conduct Act 2013 (FMC Act). 

Submissions closed on Friday 19 February 2016. 

All comments should be submitted to [email protected] with the subject line: ‘Proposed exemptions for existing property schemes: [Your entity name]’.  

Update

17 May 2016

The FMA believes that property schemes generally can and should comply with the same licensing and governance requirements under the FMC Act as other managed investment schemes (MIS).

However given the characteristics of property schemes, we recognise that full compliance with some specific requirements may be unnecessary, and the cost is likely to outweigh benefits for investors.

As a result, we have approved class exemptions for property schemes and their custodians to address these matters.