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Guidance on the exemption from the market index requirement

180716 Guidance on the exemption from the market index requirement
This guidance note aims to:

- clarify what we expect of MIS managers in relation to the market index requirement for quarterly fund updates, and the Financial Markets Conduct (Market Index) Exemption Notice 2018

- provide guidance in areas of possible confusion about how the Financial Markets Conduct Act 2013 (FMC Act), Financial Markets Conduct Regulations 2014 (FMC Regulations) and the exemption notice are applied

- inform market participants about the exemption notice, the reasons for granting it, and why it was preferred to alternative options

- confirm that we have discussed with the Ministry of Business, Innovation and Employment (MBIE) that the policy behind the market index requirement, and the way it operates, could be usefully reviewed.