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Financial Markets Conduct Act exemptions

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    18 December 2017

    Financial Markets Conduct (Financial Statements for Schemes Consisting Only of Separate Funds) Exemption Notice 2017

    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.