Consultation: Renewal of class exemptions for overseas custodians and overseas providers of custodial services – assurance engagements

We are reviewing whether to renew two existing class exemptions for a further five years: 

The Financial Markets Conduct (Overseas Providers of Custodial Services – Assurance Engagement) Exemption Notice 2020  – this provides exemptions for certain overseas providers of custodial services from getting an assurance engagement with a New Zealand auditor that complies with certain requirements in the Financial Markets Conduct Regulations 2014 (FMC Regulations). Assurance engagements can instead be obtained with licensed or registered auditors from Australia, Canada, France, Luxembourg, the United Kingdom, Netherlands, Switzerland or the United States of America for custodians based in those jurisdictions, and can comply with overseas requirements. 

The Financial Markets Conduct (Overseas Custodians of Scheme Property – Assurance Engagement) Exemption Notice 2022  – this exempts overseas custodians (of registered schemes) based in certain recognised jurisdictions from having to obtain an assurance engagement with a New Zealand auditor, and from an assurance engagement having to cover matters specified in the FMC Regulations. It allows use of licensed or registered auditors from Australia, Canada, France, Luxembourg, the United Kingdom, Netherlands, Switzerland or the United States of America for assurance engagements for custodians based in those jurisdictions. 

We invite your feedback to support our review of these exemption notices. Please use the feedback form above. Submissions close at 5pm on 27 August 2024. 

Related resources: 

Financial Markets Conduct (Overseas Providers of Custodial Services – Assurance Engagement) Exemption Notice 2020

Financial Markets Conduct (Overseas Custodians of Scheme Property – Assurance Engagement) Exemption Notice 2022