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  4. Consultation paper: Proposed exemption from the obligation to prepare scheme financial statements for bundled unit trusts

Consultation paper: Proposed exemption from the obligation to prepare scheme financial statements for bundled unit trusts

 

First published 22 May 2017

 

Final date for submissions

 

5pm, Friday 9 June 2017

(this consultation has concluded) 

Consultation document

Proposed exemption from the obligation to prepare scheme financial statements for bundled unit trusts

Submission form

Feedback form

E-mail for submission consultation@fma.govt.nz (please use the title of the consultation paper for the subject line)

Under the Securities Act 1978 (SA) a number of managers of managed investment schemes (MIS) operated unit trusts under a ‘bundled unit trust’ structure.

With a change in definitions between the SA and the Financial Markets Conduct Act, these managers now have an additional financial reporting requirement - to prepare financial statements for the registered scheme, consolidating the results of all of the constituent unit trusts.

We think this requirement will cause unnecessary costs for fund managers – with no added benefits to investors. We are therefore proposing an exemption from this obligation. If granted, managers will still be required to prepare financial statements for each unit trust.

We seek your feedback on this proposed exemption.

Submissions closed on Friday 9 June 2017.

If you have questions, please contact us at questions@fma.govt.nz