09 June 2017

Financial Markets Conduct (Shares in Investment Companies) Designation Amendment Notice 2017

Name of Notice	Financial Markets Conduct (Shares in Investment Companies) Designation Amendment Notice 2017
Gazette Notification Date	2017-06-08
Date In Force	2017-06-09
LI Number	2017/116
SL Number
Act	Financial Markets Conduct Act 2013
Type	Designation Amendment Notice
Expiry Date

This notice amends the Financial Markets Conduct (Shares in Investment Companies) Designation Notice 2017

Background

On 19 May 2017, a class designation came into effect which designates certain shares in investment companies as managed investment products (MIPs).&nbsp

We have made some technical amendments to the designation to clarify its application to redeemable shares – which are classed as debt securities under the Financial Markets Conduct Act 2013 – and to appointing alternate directors. The effect of the amendments is to confirm that investment companies can issue redeemable shares, and can have a power in their constitutions for directors to appoint alternate directors, without triggering the designation.