Discretionary Investment Management Service (DIMS)

Before you apply for a licence

There are some things you can do to ensure your application runs as smoothly as possible:

• review the licensing guides and documents below as they contain all the information you need to know so you can complete and submit your application
• set up your RealMe®login details early
• focus on the minimum standards – we will assess your business against them when processing your application
• Contact the FMA if you have any questions

Licensing guides

Licensing guide PART A

This guide contains information about the licensing process and includes many FAQs you might have; create a RealMe^® identity, if you don't already have one and pay your licensing fee.

Download the licensing guide Part A: How do I apply for a licence? PDF

Licensing guide PART B

This guide contains all the specific questions you’ll be asked and the minimum standards you’ll need to show you meet. It also details the information and supporting documents you’ll need to provide when you submit your application.

Download the licensing guide Part B: Discretionary Investment Management Service (DIMS)

Standard Conditions

In your application, you'll need to demonstrate how you can meet the minimum standards and conditions for your licence - or ask us for a limit or variation using the forms below. This is very important because when a licence is granted, they contain conditions that support your licensee obligations. They include conditions imposed by the FMC Act, the regulations, and any conditions imposed by the FMA.

Download Standard Conditions for DIMS licences PDF, 600KB

How to apply

Please contact us to get a copy of a licence application by emailing [email protected].

Licence application forms

Please download all forms related to your application below and email to [email protected]

Forms to be completed by applicants

SD1.0 Certificate of compliance and authority to apply (applicant or their authorised person)

SD1.1 Declaration by current/proposed director of licence applicant

SD1.2 Declaration by current/proposed senior manager of licence applicant

SD1.3 Curriculum vitae of management team member of licence applicant

Forms to be completed by related parties of the applicant

SD2.1 Declaration by executive director of related body to licence applicant

SD2.2 Declaration by senior manager of related body to licence applicant

Forms to be completed by relevant parties to the applicant

SD3.1 Declaration by director of relevant party to licence applicant

SD3.2 Declaration by senior manager of relevant party to licence applicant

SD3.3 Declaration by individual relevant party to licence applicant (such as owner)

How to cancel an FMCA Licence

Guidance on how to cancel an FMCA licence

The basic licensing fee payable to apply for discretionary investment management service licence is $2,139 (incl. GST).

We may charge an additional fee where the time to assess a licence application exceeds 15 hours, as set by the Financial Markets Conduct (Fees) Regulations 2014. For an FMA staff member this is set at $178.25 per hour, or part-hour pro rata, of work carried out. Please refer to the regulations for further information.

If an additional fee will be incurred for your application, we will notify you in advance, including the reason why.

Applications to vary conditions on an existing licence will incur an application fee of $115 plus $178.25 per hour, or part-hour pro rata, of work carried out.

Please refer to the Financial Markets Conduct (Fees) Regulations 2014 for more information. 

All amounts are GST inclusive.

This payment is to apply for a discretionary investment management service licence; it does not include any annual levies, or fees to register on the Financial Service Providers Register.

Providers of Discretionary Investment Management Services (DIMS) in New Zealand are generally required to pay levies to the Financial Markets Authority (FMA), as DIMS providers fall under a category of financial market participants that must contribute to the FMA's funding through an industry levy system. These levies are determined by the Ministry of Business, Innovation & Employment (MBIE) and are paid when the provider completes their annual confirmation with the Companies Office/Financial Service Providers Register (FSPR). 

Read more about levies, levy classes, fees and waivers

DIMS licencees are obliged to act professionally; meet financial and investor reporting requirements; disclose a wholesale service and provide the FMA with reporting required by the Act.

Professional conduct

• As a DIMS licensee, you must be honest in how you conduct and provide your service, always acting in your client’s best interest.
• You must not use information gained as a DIMS licensee to benefit yourself or any other person or cause harm to your client.
• You must also exercise care, diligence and the skill of a professional in carrying out your duties.
• Check s433 and s435 of the Act for details of the conduct expected.

Investor reporting

DIMS licensees need to make sure their retail clients have all the information about investment decisions, how the investments have performed, and what the fees are. Refer to reg210 and reg 211 for the full list of the information you need to report to retail investors. Your ongoing reporting requirements are:

• Transaction information: record of all transactions, name of issuer, the price of the financial products transacted, the amount and date transacted
• Assets profile: name of each class of financial product in the investor’s portfolio, who issued the financial products, and the number of products held
• Portfolio administration profile: record of all dividends paid, distribution or income received during the period, all percentage-charges paid, individual action fees paid, and other corporate information that might affect an investor’s portfolio (eg, a bonus issue)
• Portfolio valuation: current and most-recent valuation of all financial products in the investor’s portfolio; how and when the valuation is done (eg, the market price of the quoted product), and the total value of the financial products in the portfolio.

Notifying the FMA

All notifications should be emailed to the FMA (unless we state that the relevant notification form is available on our Online Services portal) at [email protected] noting the relevant obligation in the subject line of your email.

Financial reporting

All DIMS licensees are FMC reporting entities. FMC reporting entities need to prepare financial statements that comply with generally accepted accounting practice (GAAP), have them audited by a licensed auditor, and lodge them with the registrar.

Annual regulatory return

All licensed DIMS providers are required to complete and submit an annual regulatory return. The return is a series of questions about your business and how your licensed service is used.

Licensees are required to complete an annual regulatory return for the 12-month period ending 30 June and submit it to the FMA by 30 September of that year.

The information you provide us through the annual return helps us to:

• better understand your business and the services you offer
• ensure the information we have on your business is current
• focus our monitoring activities more effectively

Ahead of submitting your regulatory return, you may wish to familiarise yourself with the DIMS regulatory return data template.

Learn more about the questions you will be asked when you submit your annual regulatory return

Submit their regulatory return online at the FMA's online services portal

There is an exemption for small to medium-sized DIMS providers from certain financial reporting and audit obligations under the Financial Markets Conduct Act 2013. The extent of the exemptions depends on the size of the licensees’ business based on the retail funds under management (FUM), subject to conditions. You will still need to comply with your obligations under other Acts. 

View Financial Markets Conduct (Financial Reporting—DIMS Licensees) Exemption Notice 2025